SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.8% - Time to Buy?

Key Points

• SoFi Technologies' stock price increased by 2.8% to $22.05, despite a significant decrease in trading volume, down 62% from its average.
• Analysts have mixed opinions on SoFi, with Barclays raising its target price to $21.00 while Morgan Stanley maintains an "underweight" rating with a target of $13.00.
• The company reported quarterly earnings of $0.08 per share, surpassing expectations, but its revenue of $519.37 million fell short of analysts' estimates of $801.94 million.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shot up 2.8% on Thursday . The company traded as high as $22.43 and last traded at $22.05. 23,023,063 shares changed hands during trading, a decline of 62% from the average session volume of 60,324,449 shares. The stock had previously closed at $21.46.

Wall Street Analyst Weigh In

Several research firms recently commented on SOFI. Barclays increased their target price on shares of SoFi Technologies from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Rothschild & Co Redburn assumed coverage on SoFi Technologies in a research report on Friday, August 1st. They issued a "neutral" rating and a $20.50 target price for the company. Needham & Company LLC boosted their price target on SoFi Technologies from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Morgan Stanley reaffirmed an "underweight" rating and issued a $13.00 target price (up from $11.00) on shares of SoFi Technologies in a report on Wednesday, July 30th. Finally, Cowen began coverage on SoFi Technologies in a report on Friday, July 11th. They issued a "hold" rating for the company. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of "Hold" and a consensus target price of $18.29.

SoFi Technologies Stock Up 2.9%

The company has a market capitalization of $24.41 billion, a PE ratio of 46.00, a P/E/G ratio of 2.66 and a beta of 1.93. The business has a 50-day moving average of $18.09 and a 200 day moving average of $14.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.51% and a net margin of 18.38%. The business had revenue of $519.37 million for the quarter, compared to the consensus estimate of $801.94 million. During the same period in the prior year, the business posted $0.01 earnings per share. The company's quarterly revenue was up 42.8% compared to the same quarter last year. Equities research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In other news, Director Magdalena Yesil sold 87,140 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total value of $1,253,944.60. Following the sale, the director directly owned 289,258 shares in the company, valued at approximately $4,162,422.62. This represents a 23.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 11,520 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $13.38, for a total value of $154,137.60. Following the transaction, the executive vice president owned 203,509 shares of the company's stock, valued at approximately $2,722,950.42. The trade was a 5.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 273,181 shares of company stock worth $4,043,240 over the last 90 days. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the business. Soltis Investment Advisors LLC increased its position in shares of SoFi Technologies by 1.8% during the second quarter. Soltis Investment Advisors LLC now owns 28,436 shares of the company's stock valued at $518,000 after acquiring an additional 501 shares during the last quarter. AE Wealth Management LLC increased its position in shares of SoFi Technologies by 2.8% in the second quarter. AE Wealth Management LLC now owns 18,620 shares of the company's stock valued at $339,000 after buying an additional 514 shares in the last quarter. Burney Co. grew its holdings in shares of SoFi Technologies by 0.4% during the second quarter. Burney Co. now owns 147,136 shares of the company's stock worth $2,679,000 after buying an additional 557 shares in the last quarter. Drive Wealth Management LLC raised its stake in SoFi Technologies by 1.4% during the second quarter. Drive Wealth Management LLC now owns 40,546 shares of the company's stock worth $738,000 after purchasing an additional 563 shares during the period. Finally, Elequin Capital LP boosted its holdings in SoFi Technologies by 30.1% in the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock valued at $42,000 after purchasing an additional 631 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.

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