SoFi Technologies (NASDAQ:SOFI) Trading 5.4% Higher on Analyst Upgrade

Key Points

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SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) rose 5.4% during trading on Thursday after Barclays raised their price target on the stock from $18.00 to $21.00. Barclays currently has an equal weight rating on the stock. SoFi Technologies traded as high as $23.81 and last traded at $23.06. Approximately 51,365,531 shares traded hands during trading, a decline of 15% from the average daily volume of 60,082,098 shares. The stock had previously closed at $21.87.

A number of other analysts also recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of SoFi Technologies from $9.00 to $13.00 and gave the stock an "underperform" rating in a report on Thursday, July 10th. Stephens initiated coverage on SoFi Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $20.00 price target on the stock. Morgan Stanley reaffirmed an "underweight" rating and set a $13.00 price objective (up from $11.00) on shares of SoFi Technologies in a research note on Wednesday. Truist Financial upped their target price on SoFi Technologies from $14.00 to $20.00 and gave the company a "hold" rating in a report on Thursday, July 17th. Finally, Citizens Jmp downgraded shares of SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $18.06.

Insiders Place Their Bets

In related news, EVP Kelli Keough sold 10,267 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.80, for a total value of $223,820.60. Following the sale, the executive vice president owned 245,200 shares in the company, valued at $5,345,360. This represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 66,847 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.55, for a total value of $1,039,470.85. Following the transaction, the chief technology officer directly owned 724,321 shares of the company's stock, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 273,181 shares of company stock worth $4,043,240. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Mpwm Advisory Solutions LLC bought a new position in shares of SoFi Technologies during the fourth quarter valued at $32,000. Hazlett Burt & Watson Inc. grew its position in SoFi Technologies by 2,200.0% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company's stock valued at $27,000 after purchasing an additional 2,200 shares during the last quarter. Headlands Technologies LLC bought a new stake in SoFi Technologies during the 1st quarter valued at about $28,000. SVB Wealth LLC purchased a new position in SoFi Technologies in the first quarter worth about $28,000. Finally, TD Private Client Wealth LLC raised its holdings in SoFi Technologies by 153.9% in the second quarter. TD Private Client Wealth LLC now owns 2,562 shares of the company's stock worth $47,000 after buying an additional 1,553 shares during the last quarter. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Trading Down 6.1%

The firm's 50 day moving average price is $17.43 and its 200-day moving average price is $14.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The stock has a market cap of $23.45 billion, a P/E ratio of 44.14, a P/E/G ratio of 2.57 and a beta of 1.91.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. The business had revenue of $519.37 million for the quarter, compared to analysts' expectations of $801.94 million. SoFi Technologies had a return on equity of 4.51% and a net margin of 18.38%. The firm's quarterly revenue was up 42.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

About SoFi Technologies

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.