SoFi Technologies (NASDAQ:SOFI) Trading Up 3.3% - Here's What Happened

Key Points

• SoFi Technologies shares increased by 3.3% to $28.08, with a trading volume of approximately 50.3 million shares, which is 19% lower than the average daily volume.
• Analysts have varied opinions on SoFi, with Goldman Sachs raising its price target to $24 while Citigroup set a target of $28, reflecting a mix of ratings from "strong buy" to "hold".
• SoFi's latest earnings report showed a net profit of $0.08 per share and a 42.8% increase in revenue year-over-year, although it missed the revenue consensus estimate significantly.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares were up 3.3% on Thursday . The stock traded as high as $28.60 and last traded at $28.08. Approximately 50,375,269 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 62,450,586 shares. The stock had previously closed at $27.19.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SOFI shares. The Goldman Sachs Group increased their price objective on shares of SoFi Technologies from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Monday, October 13th. Citizens Jmp lowered shares of SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. Weiss Ratings reissued a "hold (c)" rating on shares of SoFi Technologies in a research report on Wednesday, October 8th. Citigroup upped their price target on shares of SoFi Technologies from $18.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Finally, Needham & Company LLC upped their price target on shares of SoFi Technologies from $25.00 to $29.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $20.71.

SoFi Technologies Price Performance

The stock has a market capitalization of $33.62 billion, a price-to-earnings ratio of 58.50, a P/E/G ratio of 3.42 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. The business's 50 day simple moving average is $26.43 and its 200-day simple moving average is $19.52.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. The firm had revenue of $519.37 million for the quarter, compared to the consensus estimate of $801.94 million. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.44%. The business's revenue for the quarter was up 42.8% on a year-over-year basis. During the same period 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, research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 98,733 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the sale, the chief technology officer directly owned 759,553 shares in the company, valued at $20,887,707.50. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kelli Keough sold 10,036 shares of the stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $28.33, for a total transaction of $284,319.88. Following the sale, the executive vice president owned 275,374 shares in the company, valued at $7,801,345.42. The trade was a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 129,383 shares of company stock worth $3,513,171 over the last quarter. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. SJS Investment Consulting Inc. lifted its holdings in shares of SoFi Technologies by 840.3% in the third quarter. SJS Investment Consulting Inc. now owns 1,119 shares of the company's stock worth $30,000 after acquiring an additional 1,000 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of SoFi Technologies in the third quarter worth about $29,000. Bartlett & CO. Wealth Management LLC lifted its holdings in shares of SoFi Technologies by 46.9% in the third quarter. Bartlett & CO. Wealth Management LLC now owns 1,469 shares of the company's stock worth $39,000 after acquiring an additional 469 shares during the last quarter. Hilltop National Bank lifted its holdings in shares of SoFi Technologies by 888.0% in the third quarter. Hilltop National Bank now owns 1,976 shares of the company's stock worth $52,000 after acquiring an additional 1,776 shares during the last quarter. Finally, Grove Bank & Trust lifted its holdings in shares of SoFi Technologies by 151.4% in the third quarter. Grove Bank & Trust now owns 2,004 shares of the company's stock worth $53,000 after acquiring an additional 1,207 shares during the last quarter. 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.

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