SoFi Technologies (NASDAQ:SOFI) Price Target Raised to $17.00

SoFi Technologies (NASDAQ:SOFI) had its price objective lifted by Truist Financial from $16.00 to $17.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a hold rating on the stock.

Other analysts have also issued reports about the company. Monness Crespi & Hardt initiated coverage on SoFi Technologies in a research note on Monday, October 26th. They set a “buy” rating and a $20.00 price target on the stock. Weiss Ratings raised SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, October 21st. Piper Sandler began coverage on shares of SoFi Technologies in a report on Monday, August 17th. They issued an “overweight” rating and a $22.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $24.00 price objective on shares of SoFi Technologies in a report on Wednesday, October 28th. Finally, Benchmark reiterated a “sector outperform” rating on shares of SoFi Technologies in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.27.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $16.04 on Tuesday. SoFi Technologies has a one year low of $13.86 and a one year high of $32.73. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10. The company has a market cap of $20.72 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 1.08 and a beta of 2.25. The firm has a 50 day simple moving average of $16.41 and a 200 day simple moving average of $17.69.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.25 billion. SoFi Technologies had a net margin of 15.60% and a return on equity of 6.89%. The company’s revenue was up 44.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 earnings per share. Research analysts predict that SoFi Technologies will post 0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 18,624 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $17.50, for a total transaction of $325,920.00. Following the completion of the transaction, the chief technology officer owned 912,650 shares in the company, valued at approximately $15,971,375. This trade represents a 2.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 10,203 shares of the business’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $14.72, for a total transaction of $150,188.16. Following the completion of the transaction, the executive vice president owned 397,870 shares in the company, valued at $5,856,646.40. This trade represents a 2.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 50,316 shares of company stock valued at $852,605 in the last three months. Insiders own 2.50% of the company’s stock.

Institutional Trading of SoFi Technologies

A number of institutional investors have recently bought and sold shares of SOFI. BlackRock Inc. bought a new position in SoFi Technologies in the 2nd quarter worth about $1,298,925,000. Bank of America Corp DE bought a new stake in shares of SoFi Technologies during the second quarter valued at about $163,808,000. Dimensional Fund Advisors LP increased its position in shares of SoFi Technologies by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 9,106,532 shares of the company’s stock valued at $144,539,000 after buying an additional 359,785 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of SoFi Technologies in the second quarter worth about $93,937,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of SoFi Technologies by 2.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,689,426 shares of the company’s stock worth $90,348,000 after buying an additional 156,218 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

Key SoFi Technologies News

Here are the key news stories impacting SoFi Technologies this week:

• Positive Sentiment: Zacks upgraded SoFi to Rank #2 (Buy), citing improving optimism about the company’s earnings prospects. Read article
• Positive Sentiment: A separate report said Truist sees potential for strong appreciation in SoFi shares, adding to the favorable analyst backdrop. Read article
• Negative Sentiment: Bitcoin’s decline triggered selling across retail-focused fintech stocks, including SoFi, as investors reduced exposure to the sector. Read article
• Negative Sentiment: Another report cited both the crypto pullback and concerns about a political shift in Washington as headwinds for fintech stocks, including SoFi. Read article
• Negative Sentiment: Commentary noted that SoFi’s valuation carries a steep premium, which could make the shares more vulnerable to pressure if investors become less willing to pay up for growth. Read article

SoFi Technologies Company Profile

SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.

SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.