Needham & Company LLC Reaffirms Buy Rating for SoFi Technologies (NASDAQ:SOFI)

Needham & Company LLC reissued their buy rating on shares of SoFi Technologies (NASDAQ:SOFI - Free Report) in a report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a $20.00 price target on the stock.

SOFI has been the topic of a number of other reports. UBS Group boosted their price target on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. William Blair restated an "outperform" rating on shares of SoFi Technologies in a research report on Friday, January 24th. The Goldman Sachs Group boosted their price objective on SoFi Technologies from $8.50 to $9.50 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods restated an "underperform" rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $14.38.

SoFi Technologies Price Performance

Shares of SOFI traded up $0.19 during mid-day trading on Wednesday, hitting $12.70. 50,644,874 shares of the company were exchanged, compared to its average volume of 46,731,226. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $18.42. The company has a 50 day moving average of $11.99 and a 200-day moving average of $13.76. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock has a market cap of $13.93 billion, a price-to-earnings ratio of 34.32, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. The business had revenue of $763.81 million during the quarter, compared to analyst estimates of $739.93 million. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. The company's revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 earnings per share. Analysts expect that SoFi Technologies will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 68,625 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the sale, the chief technology officer now owns 655,118 shares of the company's stock, valued at approximately $8,280,691.52. This trade represents a 9.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 11,181 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $12.72, for a total transaction of $142,222.32. Following the transaction, the executive vice president now owns 226,210 shares of the company's stock, valued at $2,877,391.20. This represents a 4.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,172 shares of company stock valued at $1,271,115 in the last quarter. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Elequin Capital LP raised its holdings in SoFi Technologies by 30.1% during the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after purchasing an additional 631 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of SoFi Technologies by 1.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock worth $881,000 after buying an additional 685 shares in the last quarter. Procyon Advisors LLC lifted its holdings in shares of SoFi Technologies by 8.0% in the fourth quarter. Procyon Advisors LLC now owns 13,497 shares of the company's stock valued at $208,000 after buying an additional 1,000 shares during the period. Game Plan Financial Advisors LLC boosted its stake in SoFi Technologies by 13.9% during the fourth quarter. Game Plan Financial Advisors LLC now owns 8,200 shares of the company's stock valued at $128,000 after buying an additional 1,000 shares in the last quarter. Finally, Bank of New Hampshire grew its holdings in SoFi Technologies by 33.3% during the first quarter. Bank of New Hampshire now owns 4,000 shares of the company's stock worth $47,000 after acquiring an additional 1,000 shares during the period. 38.43% of the stock is currently owned by institutional investors.

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.