SoFi Technologies (NASDAQ:SOFI) Stock Price Up 3.9% - Here's Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shot up 3.9% during trading on Wednesday . The stock traded as high as $12.41 and last traded at $12.42. 8,722,247 shares were traded during trading, a decline of 80% from the average session volume of 44,455,528 shares. The stock had previously closed at $11.95.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SOFI. Dbs Bank raised shares of SoFi Technologies to a "strong-buy" rating in a report on Friday, February 21st. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. William Blair reiterated an "outperform" rating on shares of SoFi Technologies in a research note on Friday, January 24th. UBS Group lifted their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th. Finally, Citigroup boosted their target price on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, SoFi Technologies has an average rating of "Hold" and an average price target of $12.50.

SoFi Technologies Price Performance

The stock has a market cap of $14.11 billion, a P/E ratio of 34.78, a price-to-earnings-growth ratio of 2.24 and a beta of 1.79. 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 business's 50-day simple moving average is $14.67 and its two-hundred day simple moving average is $13.01.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period in the prior year, the business earned $0.04 earnings per share. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 8,914 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $15.59, for a total value of $138,969.26. Following the completion of the sale, the executive vice president now directly owns 187,725 shares in the company, valued at approximately $2,926,632.75. The trade was a 4.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 68,625 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was 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 owns 655,118 shares of the company's stock, valued at approximately $8,280,691.52. The trade was a 9.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 106,819 shares of company stock worth $1,447,044 over the last three months. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SOFI. Two Sigma Advisers LP purchased a new stake in shares of SoFi Technologies in the 4th quarter worth about $299,980,000. Vanguard Group Inc. lifted its stake in shares of SoFi Technologies by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock worth $1,514,390,000 after purchasing an additional 8,898,879 shares during the period. Norges Bank bought a new position in shares of SoFi Technologies in the 4th quarter worth approximately $103,678,000. Voloridge Investment Management LLC bought a new position in shares of SoFi Technologies in the 4th quarter worth approximately $75,139,000. Finally, Amundi lifted its stake in shares of SoFi Technologies by 58,176.3% in the 4th quarter. Amundi now owns 2,705,185 shares of the company's stock worth $39,360,000 after purchasing an additional 2,700,543 shares during the period. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.