SoFi Technologies (NASDAQ:SOFI) Trading Up 6.2% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price was up 6.2% during mid-day trading on Thursday . The company traded as high as $14.19 and last traded at $14.29. Approximately 21,559,304 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 48,656,344 shares. The stock had previously closed at $13.46.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SOFI shares. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of SoFi Technologies in a report on Wednesday, April 30th. Dbs Bank raised shares of SoFi Technologies to a "strong-buy" rating in a research report on Friday, February 21st. Citizens Jmp began coverage on shares of SoFi Technologies in a research report on Friday, April 25th. They issued an "outperform" rating and a $17.00 target price for the company. JMP Securities began coverage on shares of SoFi Technologies in a research report on Friday, April 25th. They issued a "market outperform" rating and a $17.00 target price for the company. Finally, UBS Group raised their target price on shares of SoFi Technologies from $14.00 to $15.50 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $14.36.

SoFi Technologies Stock Performance

The business's fifty day moving average price is $12.33 and its two-hundred day moving average price is $14.02. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock has a market capitalization of $15.61 billion, a P/E ratio of 38.19, a P/E/G ratio of 2.24 and a beta of 1.82.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. The firm's revenue was up 32.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 EPS. As a group, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,625 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total value of $867,420.00. Following the completion of the transaction, the chief technology officer now directly owns 655,118 shares in the company, valued at $8,280,691.52. The trade was a 9.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kelli Keough sold 11,520 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $13.38, for a total transaction of $154,137.60. Following the completion of the transaction, the executive vice president now owns 203,509 shares of the company's stock, valued at approximately $2,722,950.42. This represents a 5.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 102,507 shares of company stock valued at $1,283,528. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Strs Ohio purchased a new position in SoFi Technologies during the first quarter worth about $984,000. Intech Investment Management LLC boosted its stake in shares of SoFi Technologies by 12.5% in the first quarter. Intech Investment Management LLC now owns 180,798 shares of the company's stock valued at $2,103,000 after purchasing an additional 20,056 shares during the period. Focus Partners Wealth boosted its stake in shares of SoFi Technologies by 4.3% in the first quarter. Focus Partners Wealth now owns 314,342 shares of the company's stock valued at $3,656,000 after purchasing an additional 12,831 shares during the period. Integrity Alliance LLC. purchased a new position in shares of SoFi Technologies in the first quarter valued at approximately $187,000. Finally, Bayforest Capital Ltd purchased a new position in shares of SoFi Technologies in the first quarter valued at approximately $490,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.