SoFi Technologies (NASDAQ:SOFI) Shares Up 7.3% After Better-Than-Expected Earnings

SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 7.3% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $11.28 and last traded at $11.23. 33,033,652 shares were traded during trading, a decline of 29% from the average session volume of 46,610,070 shares. The stock had previously closed at $10.47.

The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The firm’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.03) EPS.

Wall Street Analyst Weigh In

SOFI has been the subject of a number of recent research reports. Needham & Company LLC lifted their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Jefferies Financial Group increased their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday. Keefe, Bruyette & Woods decreased their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Finally, Barclays dropped their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.58.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the transaction, the executive vice president now owns 152,203 shares in the company, valued at $1,576,823.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the sale, the executive vice president now owns 152,203 shares of the company’s stock, valued at $1,576,823.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,636 shares of company stock worth $904,677 over the last ninety days. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. ORG Partners LLC acquired a new stake in shares of SoFi Technologies in the first quarter valued at $27,000. Allspring Global Investments Holdings LLC lifted its position in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares in the last quarter. GAMMA Investing LLC raised its position in SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after purchasing an additional 1,981 shares during the last quarter. Waldron Private Wealth LLC acquired a new stake in SoFi Technologies in the third quarter worth about $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in SoFi Technologies during the third quarter worth about $47,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Price Performance

The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of -36.23, a price-to-earnings-growth ratio of 2.08 and a beta of 1.70. The company has a 50-day moving average price of $8.45 and a 200-day moving average price of $7.48. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88.

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.