SoFi Technologies (NASDAQ:SOFI) Stock Price Up 6.4% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) was up 6.4% during mid-day trading on Thursday . The company traded as high as $15.42 and last traded at $15.36. Approximately 84,234,708 shares traded hands during mid-day trading, an increase of 68% from the average daily volume of 50,051,303 shares. The stock had previously closed at $14.43.

Analyst Ratings Changes

A number of analysts have recently issued reports on SOFI shares. Barclays lifted their price objective on shares of SoFi Technologies from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Stephens started coverage on shares of SoFi Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $20.00 price objective on the stock. Citizens Jmp started coverage on shares of SoFi Technologies in a report on Friday, April 25th. They issued an "outperform" rating and a $17.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of SoFi Technologies in a report on Wednesday, April 30th. Finally, Truist Financial started coverage on shares of SoFi Technologies in a report on Monday, June 2nd. They issued a "hold" rating and a $14.00 price objective on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, SoFi Technologies has a consensus rating of "Hold" and a consensus target price of $14.73.

SoFi Technologies Stock Performance

The stock has a market capitalization of $16.80 billion, a price-to-earnings ratio of 37.07, a P/E/G ratio of 2.64 and a beta of 1.82. The company's fifty day simple moving average is $13.22 and its 200 day simple moving average is $13.94. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.46.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The firm had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. During the same period in the previous year, the company earned $0.02 earnings per share. The company's quarterly revenue was up 32.7% on a year-over-year basis. On average, equities research analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 11,181 shares of the business's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $10.71, for a total value of $119,748.51. Following the completion of the sale, the executive vice president now owns 215,029 shares of the company's stock, valued at $2,302,960.59. The trade was a 4.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Magdalena Yesil sold 87,140 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the completion of the sale, the director now directly owns 289,258 shares of the company's stock, valued at $4,162,422.62. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 196,981 shares of company stock valued at $2,743,434. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of the business. Elequin Capital LP grew its position in SoFi Technologies by 30.1% during the 4th quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after acquiring an additional 631 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in SoFi Technologies by 1.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock worth $881,000 after purchasing an additional 685 shares during the last quarter. Bank of New Hampshire raised its holdings in SoFi Technologies by 33.3% during the 1st quarter. Bank of New Hampshire now owns 4,000 shares of the company's stock worth $47,000 after purchasing an additional 1,000 shares during the last quarter. Vermillion & White Wealth Management Group LLC raised its holdings in SoFi Technologies by 16.7% during the 1st quarter. Vermillion & White Wealth Management Group LLC now owns 7,000 shares of the company's stock worth $81,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Arkadios Wealth Advisors increased its stake in shares of SoFi Technologies by 1.8% in the 1st quarter. Arkadios Wealth Advisors now owns 63,404 shares of the company's stock valued at $737,000 after acquiring an additional 1,092 shares in the last quarter. Institutional investors and hedge funds 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.