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

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares rose 2.3% during mid-day trading on Thursday . The stock traded as high as $13.11 and last traded at $13.10. Approximately 16,486,111 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 47,802,404 shares. The stock had previously closed at $12.80.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of recent research reports. JMP Securities initiated coverage on SoFi Technologies in a research report on Friday, April 25th. They issued a "market outperform" rating and a $17.00 target price on the stock. Barclays lifted their price target on shares of SoFi Technologies from $11.00 to $12.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Needham & Company LLC restated a "buy" rating and set a $20.00 price objective on shares of SoFi Technologies in a research report on Wednesday, April 30th. UBS Group boosted their price objective on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $8.50 to $9.50 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $14.38.

SoFi Technologies Price Performance

The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The business's 50 day moving average price is $12.16 and its two-hundred day moving average price is $13.98. The stock has a market cap of $14.54 billion, a P/E ratio of 35.50, a price-to-earnings-growth ratio of 2.24 and a beta of 1.84.

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

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total transaction of $867,420.00. Following the completion of the sale, the chief technology officer now directly owns 655,118 shares in the company, valued at approximately $8,280,691.52. The trade was a 9.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Kelli Keough sold 11,181 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.72, for a total transaction of $142,222.32. Following the completion of the transaction, the executive vice president now owns 226,210 shares of the company's stock, valued at approximately $2,877,391.20. This represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,987 shares of company stock worth $1,129,391 over the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of the business. Intech Investment Management LLC grew its holdings in shares of SoFi Technologies by 12.5% during the first quarter. Intech Investment Management LLC now owns 180,798 shares of the company's stock worth $2,103,000 after buying an additional 20,056 shares in the last quarter. Focus Partners Wealth boosted its position in shares of SoFi Technologies by 4.3% during the 1st quarter. Focus Partners Wealth now owns 314,342 shares of the company's stock valued at $3,656,000 after acquiring an additional 12,831 shares during the last quarter. Integrity Alliance LLC. acquired a new position in shares of SoFi Technologies during the 1st quarter valued at about $187,000. Bayforest Capital Ltd acquired a new position in shares of SoFi Technologies during the 1st quarter valued at about $490,000. Finally, SCS Capital Management LLC acquired a new position in shares of SoFi Technologies during the 1st quarter valued at about $193,000. Hedge funds and other 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.

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