SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.7% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price shot up 1.7% during mid-day trading on Wednesday . The company traded as high as $21.59 and last traded at $21.32. 21,231,158 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 53,332,765 shares. The stock had previously closed at $20.96.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SOFI. Cowen began coverage on shares of SoFi Technologies in a research note on Friday, July 11th. They issued a "hold" rating on the stock. UBS Group upped their target price on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Stephens began coverage on shares of SoFi Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods boosted their price objective on shares of SoFi Technologies from $9.00 to $13.00 and gave the company an "underperform" rating in a research report on Thursday, July 10th. Finally, Barclays boosted their price objective on shares of SoFi Technologies from $12.00 to $18.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, SoFi Technologies currently has an average rating of "Hold" and a consensus target price of $16.41.

SoFi Technologies Trading Up 2.1%

The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46. The stock has a market cap of $23.64 billion, a P/E ratio of 52.17, a PEG ratio of 3.51 and a beta of 1.91. The firm's 50-day simple moving average is $15.65 and its 200 day simple moving average is $14.31.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The business's revenue was up 32.7% on a year-over-year basis. During the same period last year, the firm posted $0.02 earnings per share. As a group, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Activity

In related news, 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 transaction of $1,039,470.85. Following the completion of the sale, the chief technology officer directly owned 724,321 shares in the company, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kelli Keough sold 11,520 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total transaction of $154,137.60. Following the sale, the executive vice president owned 203,509 shares of the company's stock, valued at $2,722,950.42. The trade was a 5.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 274,095 shares of company stock worth $3,939,168 over the last three months. Corporate insiders own 2.60% of the company's stock.

Institutional Trading of SoFi Technologies

Large investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ bought a new stake in SoFi Technologies during the fourth quarter worth approximately $27,000. Mpwm Advisory Solutions LLC acquired a new position in SoFi Technologies in the 4th quarter worth approximately $32,000. Hazlett Burt & Watson Inc. boosted its stake in SoFi Technologies by 2,200.0% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company's stock worth $27,000 after purchasing an additional 2,200 shares during the period. Headlands Technologies LLC acquired a new position in SoFi Technologies in the 1st quarter worth approximately $28,000. Finally, SVB Wealth LLC acquired a new position in SoFi Technologies in the 1st quarter worth approximately $28,000. 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.