SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.6% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) rose 2.6% on Tuesday . The company traded as high as $15.84 and last traded at $15.77. Approximately 17,612,315 shares traded hands during trading, a decline of 65% from the average daily volume of 50,266,569 shares. The stock had previously closed at $15.36.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SOFI shares. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of SoFi Technologies in a report on Wednesday, April 30th. JMP Securities started coverage on SoFi Technologies in a research report on Friday, April 25th. They set a "market outperform" rating and a $17.00 price objective for the company. Citizens Jmp started coverage on SoFi Technologies in a research note on Friday, April 25th. They set an "outperform" rating and a $17.00 price objective for the company. Barclays lifted their price target on SoFi Technologies from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Truist Financial initiated coverage on shares of SoFi Technologies in a research report on Monday, June 2nd. They set a "hold" rating and a $14.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, SoFi Technologies has an average rating of "Hold" and an average target price of $14.73.

SoFi Technologies Stock Performance

The business's 50 day simple moving average is $13.64 and its two-hundred day simple moving average is $13.96. The firm has a market capitalization of $19.01 billion, a PE ratio of 41.94, a price-to-earnings-growth ratio of 2.72 and a beta of 1.82. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The company had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. SoFi Technologies's revenue for the quarter was up 32.7% compared to the same quarter last year. Research analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 10,267 shares of SoFi Technologies stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $15.22, for a total transaction of $156,263.74. Following the transaction, the executive vice president now directly owns 255,467 shares of the company's stock, valued at $3,888,207.74. The trade was a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the completion of the sale, the chief technology officer now directly owns 724,321 shares of the company's stock, valued at $11,263,191.55. This represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 274,095 shares of company stock worth $3,939,168 in the last quarter. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of SoFi Technologies by 2.0% during the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company's stock worth $11,077,000 after purchasing an additional 14,281 shares in the last quarter. Bank of New York Mellon Corp grew its stake in SoFi Technologies by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 3,223,370 shares of the company's stock valued at $49,640,000 after acquiring an additional 8,218 shares in the last quarter. Nwam LLC grew its position in shares of SoFi Technologies by 11.3% during the fourth quarter. Nwam LLC now owns 44,635 shares of the company's stock valued at $687,000 after purchasing an additional 4,531 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in SoFi Technologies by 47.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 365,439 shares of the company's stock valued at $5,628,000 after purchasing an additional 118,288 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of SoFi Technologies in the 4th quarter worth about $513,000. Hedge funds and other 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.