SoFi Technologies (NASDAQ:SOFI) Price Target Raised to $21.00 at Barclays

Key Points

• Barclays has raised its price target for SoFi Technologies from $18.00 to $21.00, maintaining an "equal weight" rating on the stock, which has a short-term downside potential of 3.72% from its current price.
• SoFi Technologies reported a quarterly earnings increase with earnings per share of $0.08, exceeding analyst expectations, but its revenue of $519.37 million fell short of estimates of $801.94 million.
• Currently, the consensus rating for SoFi Technologies' stock is "Hold" with a price target of $17.28, reflecting differing opinions among analysts with various price targets and ratings.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) had its target price upped by research analysts at Barclays from $18.00 to $21.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's target price would suggest a potential downside of 2.85% from the stock's previous close.

A number of other analysts have also recently issued reports on SOFI. JMP Securities reissued a "market perform" rating and set a $17.00 price objective on shares of SoFi Technologies in a research report on Monday, July 14th. Citizens Jmp cut SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. The Goldman Sachs Group started coverage on SoFi Technologies in a research report on Monday, July 14th. They set a "neutral" rating and a $19.00 price objective for the company. Keefe, Bruyette & Woods lifted their price objective on SoFi Technologies from $9.00 to $13.00 and gave the company an "underperform" rating in a research report on Thursday, July 10th. Finally, UBS Group lifted their price objective on SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, SoFi Technologies has an average rating of "Hold" and a consensus price target of $18.06.

SoFi Technologies Stock Down 4.3%

Shares of SoFi Technologies stock traded down $0.96 during midday trading on Wednesday, hitting $21.62. The company's stock had a trading volume of 33,863,155 shares, compared to its average volume of 60,374,156. The firm has a market capitalization of $23.89 billion, a P/E ratio of 44.71, a PEG ratio of 2.57 and a beta of 1.91. The stock has a 50-day simple moving average of $17.43 and a 200-day simple moving average of $14.82. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.46. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $25.11.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $519.37 million during 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%. SoFi Technologies's revenue was up 42.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.01 earnings per share. As a group, sell-side analysts expect that SoFi Technologies will post 0.26 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 11,520 shares of SoFi Technologies stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total value of $154,137.60. Following the transaction, the executive vice president directly owned 203,509 shares in the company, valued at approximately $2,722,950.42. The trade was a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction dated 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 completion of the transaction, the chief technology officer owned 724,321 shares in the company, valued at $11,263,191.55. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 273,181 shares of company stock worth $4,043,240. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently made changes to their positions in SOFI. Two Sigma Advisers LP bought a new position in shares of SoFi Technologies in the fourth quarter worth about $299,980,000. Norges Bank bought a new position in shares of SoFi Technologies in the fourth quarter worth about $103,678,000. Voloridge Investment Management LLC bought a new position in SoFi Technologies during the fourth quarter valued at about $75,139,000. Nuveen LLC bought a new position in SoFi Technologies during the first quarter valued at about $47,616,000. Finally, ARK Investment Management LLC increased its stake in SoFi Technologies by 118.5% during the second quarter. ARK Investment Management LLC now owns 4,424,155 shares of the company's stock valued at $80,564,000 after acquiring an additional 2,399,746 shares during the period. 38.43% of the stock is currently owned by institutional investors.

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.