SoFi Technologies (NASDAQ:SOFI) Trading 0.9% Higher

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price shot up 0.9% during trading on Wednesday . The stock traded as high as $6.55 and last traded at $6.51. 8,025,004 shares were traded during mid-day trading, a decline of 83% from the average session volume of 47,360,844 shares. The stock had previously closed at $6.45.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SOFI shares. Wedbush reiterated an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their target price on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their target price for the company from $6.50 to $7.50 in a research note on Friday, April 5th. Finally, BTIG Research assumed coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average price target of $9.32.

SoFi Technologies Price Performance

The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $6.84 billion, a PE ratio of -21.00, a price-to-earnings-growth ratio of 1.53 and a beta of 1.70. The firm’s 50 day simple moving average is $6.90 and its 200 day simple moving average is $7.65.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The company had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. During the same period in the prior year, the firm posted ($0.05) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. As a group, research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The disclosure for this sale can be found here. Insiders acquired a total of 88,390 shares of company stock worth $597,569 in the last quarter. 2.60% of the stock is owned by company insiders.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in SoFi Technologies during the 4th quarter worth about $71,349,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of SoFi Technologies by 176.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after purchasing an additional 6,870,610 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in SoFi Technologies by 176.3% during the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock valued at $78,494,000 after buying an additional 6,870,610 shares during the period. Vanguard Group Inc. raised its stake in SoFi Technologies by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after buying an additional 5,057,233 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in SoFi Technologies during the fourth quarter worth $38,595,000. 38.43% of the stock is currently owned by institutional investors.

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.