SoFi Technologies (NASDAQ:SOFI) Trading 1.7% Higher - Still a Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shot up 1.7% on Wednesday . The company traded as high as $21.34 and last traded at $21.34. 15,133,926 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 53,401,811 shares. The stock had previously closed at $20.98.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SOFI. Stephens began coverage on shares of SoFi Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $20.00 price target for the company. Barclays increased their price objective on SoFi Technologies from $12.00 to $18.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. UBS Group upped their target price on SoFi Technologies from $14.00 to $15.50 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Cowen began coverage on SoFi Technologies in a research report on Friday, July 11th. They issued a "hold" rating for the company. Finally, JMP Securities reissued a "market perform" rating and issued a $17.00 price objective on shares of SoFi Technologies in a research report on Monday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $16.78.

SoFi Technologies Stock Down 1.4%

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The firm has a 50 day simple moving average of $16.73 and a 200-day simple moving average of $14.61. The stock has a market capitalization of $23.43 billion, a price-to-earnings ratio of 51.71, a price-to-earnings-growth ratio of 3.63 and a beta of 1.91.

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

Insiders Place Their Bets

In other news, CTO Jeremy Rishel sold 66,847 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $15.55, for a total value of $1,039,470.85. Following the completion of the sale, the chief technology officer directly owned 724,321 shares in the company, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kelli Keough sold 11,520 shares of the firm'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 completion of the sale, the executive vice president owned 203,509 shares of the company's stock, valued at approximately $2,722,950.42. This trade represents a 5.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 273,181 shares of company stock worth $4,043,240 over the last three months. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in SOFI. Hazlett Burt & Watson Inc. increased its stake in shares of SoFi Technologies by 2,200.0% in the first quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company's stock valued at $27,000 after buying an additional 2,200 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of SoFi Technologies in the first quarter valued at $28,000. SVB Wealth LLC acquired a new stake in shares of SoFi Technologies in the first quarter valued at $28,000. Garde Capital Inc. acquired a new stake in shares of SoFi Technologies in the first quarter valued at $31,000. Finally, Mpwm Advisory Solutions LLC bought a new position in SoFi Technologies in the fourth quarter valued at about $32,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.