SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.4% Following Analyst Upgrade

Key Points

• SoFi Technologies' stock price rose 2.4% after analyst Truist Financial upgraded its price target from $29.00 to $31.00, maintaining a hold rating on the stock.
• The company reported a quarterly earnings per share (EPS) of $0.11, surpassing estimates, with a revenue of $949.63 million, a 37.7% year-over-year increase.
• Insider activity showed significant sales, with CTO Jeremy Rishel and EVP Kelli Keough selling shares, reducing their ownership by 11.50% and 3.52% respectively.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price was up 2.4% during trading on Wednesday after Truist Financial raised their price target on the stock from $29.00 to $31.00. Truist Financial currently has a hold rating on the stock. SoFi Technologies traded as high as $30.37 and last traded at $30.07. Approximately 57,110,682 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 63,438,402 shares. The stock had previously closed at $29.37.

Several other equities analysts also recently commented on the company. BTIG Research reiterated a "neutral" rating on shares of SoFi Technologies in a report on Wednesday, October 29th. Redburn Atlantic upgraded SoFi Technologies to a "hold" rating in a research note on Friday, August 1st. Mizuho set a $38.00 price objective on SoFi Technologies in a research report on Thursday, October 30th. Citizens Jmp lowered SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $35.00 price objective on shares of SoFi Technologies in a research note on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $25.06.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 98,733 shares of SoFi Technologies stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the transaction, the chief technology officer directly owned 759,553 shares in the company, valued at approximately $20,887,707.50. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 10,036 shares of the business's stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $28.33, for a total value of $284,319.88. Following the sale, the executive vice president directly owned 275,374 shares in the company, valued at $7,801,345.42. The trade was a 3.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 129,383 shares of company stock valued at $3,513,171. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in SoFi Technologies by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company's stock worth $1,156,805,000 after purchasing an additional 1,130,250 shares in the last quarter. Sullivan Wood Capital Management LLC bought a new position in shares of SoFi Technologies in the second quarter valued at $2,799,000. Blair William & Co. IL lifted its holdings in SoFi Technologies by 443.9% during the 2nd quarter. Blair William & Co. IL now owns 335,698 shares of the company's stock valued at $6,113,000 after purchasing an additional 273,972 shares during the last quarter. Nicholas Wealth LLC. acquired a new stake in SoFi Technologies during the 1st quarter valued at $993,000. Finally, Quantitative Investment Management LLC acquired a new stake in shares of SoFi Technologies during the first quarter worth $2,862,000. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Stock Up 2.4%

The company has a market cap of $36.01 billion, a price-to-earnings ratio of 55.69, a P/E/G ratio of 3.11 and a beta of 1.93. The stock has a fifty day moving average price of $27.46 and a two-hundred day moving average price of $20.93. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Tuesday, October 28th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The firm had revenue of $949.63 million during the quarter, compared to the consensus estimate of $880.33 million. SoFi Technologies had a return on equity of 5.52% and a net margin of 19.29%.The business's quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 earnings per share. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. As a group, sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

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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