SoFi Technologies (NASDAQ:SOFI) Shares Up 0.1%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 0.1% during trading on Wednesday . The company traded as high as $7.08 and last traded at $7.07. Approximately 10,328,563 shares changed hands during trading, a decline of 81% from the average daily volume of 53,516,668 shares. The stock had previously closed at $7.06.

Analyst Ratings Changes

A number of brokerages have weighed in on SOFI. Deutsche Bank Aktiengesellschaft lowered their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research report on Tuesday, April 30th. Citigroup initiated coverage on SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies 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 increased their price objective for the company from $6.50 to $7.50 in a research report on Friday, April 5th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Performance

The stock has a market cap of $6.89 billion, a P/E ratio of -22.81 and a beta of 1.75. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. The stock has a 50 day simple moving average of $7.44 and a 200 day simple moving average of $7.84.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a positive return on equity of 1.13% and a negative net margin of 8.21%. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter last year, the business earned ($0.05) earnings per share. SoFi Technologies’s revenue was up 26.2% on a year-over-year basis. On average, equities analysts expect that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

Insider Activity

In other news, CEO Anthony Noto purchased 28,775 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average price of $6.90 per share, with a total value of $198,547.50. Following the acquisition, the chief executive officer now owns 8,033,369 shares in the company, valued at approximately $55,430,246.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoFi Technologies news, CEO Anthony Noto purchased 28,775 shares of the stock in a transaction dated Friday, May 3rd. The stock was bought at an average price of $6.90 per share, with a total value of $198,547.50. Following the acquisition, the chief executive officer now owns 8,033,369 shares of the company’s stock, valued at $55,430,246.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the sale, the chief technology officer now directly owns 390,616 shares in the company, valued at $2,706,968.88. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently added to or reduced their stakes in SOFI. Vanguard Group Inc. boosted its stake in shares of SoFi Technologies by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after purchasing an additional 5,057,233 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after buying an additional 6,870,610 shares during the period. Nikko Asset Management Americas Inc. boosted its position in SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares during the period. Norges Bank bought a new stake in SoFi Technologies during the 4th quarter worth approximately $71,349,000. Finally, Charles Schwab Investment Management Inc. increased its position in SoFi Technologies by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock valued at $54,659,000 after acquiring an additional 199,949 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.