SoFi Technologies (NASDAQ:SOFI) Shares Up 3.8% - Time to Buy?

Key Points

• SoFi Technologies' stock increased by 3.8% to $23.27 after trading as high as $23.48, with a trading volume decline to approximately 19.4 million shares.
• Analysts have mixed views on SoFi, with a consensus rating of "Hold" and an average price target of $18.29, reflecting skepticism about its growth potential.
• SoFi's recent earnings report revealed EPS of $0.08, exceeding estimates, but their revenue of $519.37 million fell significantly short of analyst expectations of $801.94 million.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares rose 3.8% during trading on Tuesday . The company traded as high as $23.48 and last traded at $23.27. Approximately 19,437,996 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 60,180,746 shares. The stock had previously closed at $22.42.

Wall Street Analysts Forecast Growth

SOFI has been the subject of a number of analyst reports. Truist Financial set a $23.00 price target on SoFi Technologies in a report on Monday, August 4th. Citizens Jmp cut SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 14th. JMP Securities reiterated a "market perform" rating and issued a $17.00 price objective on shares of SoFi Technologies in a research report on Monday, July 14th. UBS Group increased their price objective on SoFi Technologies from $14.00 to $15.50 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Finally, Rothschild & Co Redburn started coverage on SoFi Technologies in a research report on Friday, August 1st. They issued a "neutral" rating and a $20.50 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $18.29.

SoFi Technologies Stock Performance

The stock's fifty day moving average is $18.62 and its two-hundred day moving average is $15.05. The firm has a market cap of $26.09 billion, a price-to-earnings ratio of 49.24, a PEG ratio of 2.74 and a beta of 1.93. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.80.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.51%. The business had revenue of $519.37 million during the quarter, compared to analyst estimates of $801.94 million. During the same period in the prior year, the firm earned $0.01 earnings per share. The firm's revenue was up 42.8% compared to the same quarter last year. On average, analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, Director Magdalena Yesil sold 87,140 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $14.39, for a total value of $1,253,944.60. Following the sale, the director directly owned 289,258 shares in the company, valued at $4,162,422.62. This trade represents a 23.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.55, for a total value of $1,039,470.85. Following the sale, the chief technology officer directly owned 724,321 shares in the company, valued at $11,263,191.55. The trade was a 8.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,181 shares of company stock valued at $4,043,240 in the last three months. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC raised its position in SoFi Technologies by 2.0% in the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company's stock worth $11,077,000 after purchasing an additional 14,281 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in SoFi Technologies by 5.6% during the 4th quarter. Russell Investments Group Ltd. now owns 52,564 shares of the company's stock valued at $809,000 after purchasing an additional 2,774 shares during the last quarter. Federated Hermes Inc. bought a new stake in SoFi Technologies during the fourth quarter worth about $323,000. Invesco Ltd. increased its holdings in shares of SoFi Technologies by 84.7% during the fourth quarter. Invesco Ltd. now owns 1,408,801 shares of the company's stock worth $21,696,000 after buying an additional 645,994 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of SoFi Technologies in the fourth quarter valued at $14,479,000. Institutional investors own 38.43% of the company's stock.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.

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