SoFi Technologies (NASDAQ:SOFI) Shares Up 1.8% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares were up 1.8% during trading on Thursday . The stock traded as high as $18.56 and last traded at $18.46. Approximately 23,195,614 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 52,010,085 shares. The stock had previously closed at $18.12.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SOFI shares. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of SoFi Technologies in a report on Wednesday, April 30th. Barclays increased their target price on SoFi Technologies from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. JMP Securities assumed coverage on SoFi Technologies in a research note on Friday, April 25th. They issued a "market outperform" rating and a $17.00 target price for the company. Stephens assumed coverage on SoFi Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $20.00 price target for the company. Finally, Truist Financial started coverage on shares of SoFi Technologies in a report on Monday, June 2nd. They set a "hold" rating and a $14.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, SoFi Technologies currently has a consensus rating of "Hold" and a consensus price target of $14.73.

SoFi Technologies Stock Performance

The firm's 50-day moving average price is $14.29 and its 200 day moving average price is $14.02. The company has a market cap of $20.49 billion, a price-to-earnings ratio of 45.21, a PEG ratio of 3.07 and a beta of 1.91. 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 issued its earnings results on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The company had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. During the same quarter in the previous year, the company posted $0.02 EPS. The business's revenue for the quarter was up 32.7% compared to the same quarter last year. On average, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Activity

In related news, CTO Jeremy Rishel sold 66,847 shares of the 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 sale, the chief technology officer directly owned 724,321 shares in the company, valued at $11,263,191.55. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Magdalena Yesil sold 87,140 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the completion of the sale, the director directly owned 289,258 shares of the company's stock, valued at $4,162,422.62. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 274,095 shares of company stock valued at $3,939,168 in the last ninety days. 2.60% of the stock is owned by insiders.

Institutional Trading of SoFi Technologies

A number of large investors have recently made changes to their positions in SOFI. Vanguard Group Inc. lifted its holdings in SoFi Technologies by 1.1% during the first quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company's stock worth $1,156,805,000 after acquiring an additional 1,130,250 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in shares of SoFi Technologies during the fourth quarter worth about $299,980,000. Geode Capital Management LLC lifted its holdings in shares of SoFi Technologies by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock valued at $276,288,000 after purchasing an additional 315,899 shares in the last quarter. Norges Bank acquired a new position in shares of SoFi Technologies in the 4th quarter valued at approximately $103,678,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SoFi Technologies by 2.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,472,726 shares of the company's stock valued at $75,278,000 after purchasing an additional 159,109 shares during the period. Institutional investors own 38.43% of the company's stock.

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.