SoFi Technologies (NASDAQ:SOFI) Shares Climb 3.3% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) rose 3.3% during mid-day trading on Monday. The company traded as high as $17.04 and last traded at $16.75. Approximately 40,304,021 shares traded hands during trading, a decline of 37% from the average daily volume of 63,676,223 shares. The stock had previously closed at $16.21.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SOFI. Needham & Company LLC restated a “buy” rating and issued a $24.00 target price on shares of SoFi Technologies in a research note on Wednesday, October 28th. Morgan Stanley decreased their price target on SoFi Technologies from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Thursday, July 30th. Piper Sandler assumed coverage on shares of SoFi Technologies in a research report on Monday, August 17th. They issued an “overweight” rating and a $22.00 price objective for the company. Bank of America restated an “underperform” rating and set a $16.50 target price on shares of SoFi Technologies in a research report on Wednesday, October 28th. Finally, Weiss Ratings upgraded shares of SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.27.

SoFi Technologies Stock Performance

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 $21.63 billion, a price-to-earnings ratio of 30.45, a price-to-earnings-growth ratio of 1.01 and a beta of 2.25. The stock has a 50-day moving average price of $16.35 and a 200 day moving average price of $17.65.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.25 billion. SoFi Technologies had a net margin of 15.60% and a return on equity of 6.89%. The business’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. As a group, analysts anticipate that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 18,624 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was 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 of the company’s stock, valued at $15,971,375. This represents a 2.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 11,286 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total transaction of $203,148.00. Following the completion of the transaction, the executive vice president directly owned 356,442 shares of the company’s stock, valued at approximately $6,415,956. This trade represents a 3.07% 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. In the last ninety days, insiders have sold 50,316 shares of company stock valued at $852,605. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in SOFI. Harbour Investments Inc. increased its holdings in SoFi Technologies by 4.2% during the third quarter. Harbour Investments Inc. now owns 93,547 shares of the company’s stock worth $1,471,000 after buying an additional 3,760 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in SoFi Technologies by 1,437.5% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 42,280 shares of the company’s stock worth $672,000 after acquiring an additional 39,530 shares in the last quarter. Diversified Trust Co lifted its stake in SoFi Technologies by 2.7% in the third quarter. Diversified Trust Co now owns 27,039 shares of the company’s stock valued at $425,000 after acquiring an additional 722 shares during the last quarter. Aberdeen Group plc lifted its stake in SoFi Technologies by 91.6% in the third quarter. Aberdeen Group plc now owns 93,699 shares of the company’s stock valued at $1,473,000 after acquiring an additional 44,787 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in SoFi Technologies by 2.3% in the third quarter. Allworth Financial LP now owns 129,370 shares of the company’s stock valued at $2,034,000 after acquiring an additional 2,969 shares during the last quarter. Institutional investors and hedge funds own 38.43% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings.

Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.

SoFi primarily serves consumers in the United States.