SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.3% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price rose 2.3% during trading on Wednesday . The stock traded as high as $12.08 and last traded at $11.52. Approximately 17,633,060 shares traded hands during trading, a decline of 62% from the average daily volume of 46,398,426 shares. The stock had previously closed at $11.26.

Analysts Set New Price Targets

A number of research firms recently issued reports on SOFI. UBS Group upped their target price on SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Needham & Company LLC upped their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Mizuho raised their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Finally, Dbs Bank raised SoFi Technologies to a "strong-buy" rating in a report on Friday, February 21st. Four analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $12.50.

SoFi Technologies Stock Performance

The stock has a 50 day moving average price of $14.89 and a two-hundred day moving average price of $12.81. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The company has a market cap of $13.26 billion, a P/E ratio of 32.68, a price-to-earnings-growth ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period in the prior year, the firm posted $0.04 EPS. On average, research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In related news, EVP Kelli Keough sold 8,914 shares of the company's stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.59, for a total value of $138,969.26. Following the transaction, the executive vice president now owns 187,725 shares in the company, valued at approximately $2,926,632.75. This represents a 4.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Eric Schuppenhauer bought 30,600 shares of the stock in a transaction on Monday, December 16th. The shares were acquired at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the acquisition, the executive vice president now directly owns 46,105 shares in the company, valued at approximately $753,355.70. This trade represents a 197.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 92,004 shares of company stock valued at $1,459,060. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SOFI. Elequin Capital LP boosted its position in SoFi Technologies by 30.1% during the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock valued at $42,000 after buying an additional 631 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of SoFi Technologies by 1.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock valued at $881,000 after purchasing an additional 685 shares during the last quarter. Captrust Financial Advisors lifted its holdings in shares of SoFi Technologies by 2.8% during the third quarter. Captrust Financial Advisors now owns 29,639 shares of the company's stock valued at $233,000 after purchasing an additional 809 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in SoFi Technologies by 0.3% in the 3rd quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company's stock worth $2,204,000 after acquiring an additional 855 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in SoFi Technologies by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 28,409 shares of the company's stock worth $223,000 after acquiring an additional 962 shares during the last quarter. Institutional investors own 38.43% of the company's stock.

SoFi Technologies Company Profile

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.