SoFi Technologies (NASDAQ:SOFI) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of SoFi Technologies (NASDAQ:SOFI) in a report released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $10.00 price target on the stock.

Other analysts have also issued research reports about the company. Citigroup assumed coverage on SoFi Technologies in a research note on Monday, April 8th. They issued a buy rating and a $11.00 price target on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on SoFi Technologies from $12.00 to $11.00 and set a hold rating on the stock in a research note on Tuesday, April 30th. Wedbush reaffirmed an underperform rating and issued a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Keefe, Bruyette & Woods decreased their price target on SoFi Technologies from $7.50 to $7.00 and set a market perform rating on the stock in a research note on Tuesday, July 9th. Finally, BTIG Research started coverage on SoFi Technologies in a research report on Friday, June 7th. They issued a neutral rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies currently has a consensus rating of Hold and a consensus target price of $9.20.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $6.65 on Wednesday. SoFi Technologies has a 1-year low of $6.15 and a 1-year high of $10.49. The firm has a market capitalization of $7.03 billion, a PE ratio of -21.45, a PEG ratio of 1.45 and a beta of 1.70. The business’s 50 day moving average is $6.88 and its 200-day moving average is $7.34. The company has a current ratio of 0.93, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The company had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. During the same quarter last year, the firm earned ($0.06) EPS. SoFi Technologies’s revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts predict that SoFi Technologies will post 0.1 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now owns 453,464 shares in the company, valued at $2,906,704.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now owns 453,464 shares in the company, valued at $2,906,704.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was 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. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new stake in SoFi Technologies in the fourth quarter valued at about $27,000. ORG Partners LLC bought a new stake in SoFi Technologies in the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC increased its holdings in SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares during the last quarter. SOA Wealth Advisors LLC. grew its stake in SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after acquiring an additional 1,713 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in SoFi Technologies in the first quarter valued at about $37,000. Institutional investors own 38.43% of the company’s stock.

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.