SoFi Technologies (NASDAQ:SOFI) Trading 2.7% Higher on Analyst Upgrade

Key Points

• SoFi Technologies' stock rose 2.7% after Goldman Sachs increased its price target from $21.00 to $24.00, maintaining a neutral rating on the stock.
• Insider transactions were notable, with EVP Kelli Keough selling 10,578 shares at an average price of $22.13, while CTO Jeremy Rishel sold 98,733 shares at $27.50.
• Institutional investors hold a significant stake in SoFi, with hedge funds recently making large acquisitions, including Norges Bank's new stake valued at approximately $164 million.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price traded up 2.7% on Tuesday after The Goldman Sachs Group raised their price target on the stock from $21.00 to $24.00. The Goldman Sachs Group currently has a neutral rating on the stock. SoFi Technologies traded as high as $28.35 and last traded at $27.87. 69,825,296 shares traded hands during trading, an increase of 12% from the average session volume of 62,421,902 shares. The stock had previously closed at $27.14.

Other analysts have also issued reports about the stock. JMP Securities reiterated a "market perform" rating and set a $17.00 target price on shares of SoFi Technologies in a research report on Monday, July 14th. TD Cowen assumed coverage on shares of SoFi Technologies in a research report on Friday, July 11th. They set a "hold" rating and a $21.00 target price on the stock. Redburn Atlantic upgraded shares of SoFi Technologies to a "hold" rating in a research report on Friday, August 1st. Weiss Ratings restated a "hold (c)" rating on shares of SoFi Technologies in a research report on Wednesday, October 8th. Finally, Morgan Stanley boosted their price target on shares of SoFi Technologies from $13.00 to $18.00 and gave the company an "underweight" rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $20.47.

Insider Buying and Selling

In other news, EVP Kelli Keough sold 10,578 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $22.13, for a total transaction of $234,091.14. Following the transaction, the executive vice president directly owned 234,622 shares in the company, valued at approximately $5,192,184.86. This represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jeremy Rishel sold 98,733 shares of the company's stock in a transaction that occurred 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 owned 759,553 shares in the company, valued at $20,887,707.50. The trade was a 11.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 129,614 shares of company stock worth $3,452,672 over the last quarter. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in SoFi Technologies in the second quarter valued at approximately $164,068,000. Quadrature Capital Ltd bought a new stake in SoFi Technologies in the second quarter valued at approximately $115,188,000. Nuveen LLC bought a new stake in SoFi Technologies in the first quarter valued at approximately $47,616,000. Marshall Wace LLP boosted its holdings in SoFi Technologies by 88.2% during the second quarter. Marshall Wace LLP now owns 7,997,146 shares of the company's stock worth $145,628,000 after purchasing an additional 3,748,817 shares during the last quarter. Finally, Mizuho Markets Cayman LP acquired a new position in SoFi Technologies during the second quarter worth $45,525,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Price Performance

The company's fifty day moving average is $25.69 and its 200 day moving average is $18.84. The firm has a market cap of $33.37 billion, a price-to-earnings ratio of 58.06, a PEG ratio of 3.11 and a beta of 1.92. 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 announced its earnings results on Tuesday, July 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $519.37 million during the quarter, compared to analysts' expectations of $801.94 million. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.44%. The firm's revenue was up 42.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.01 earnings per share. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. On average, equities research analysts predict 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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