SoFi Technologies (NASDAQ:SOFI) Shares Gap Up – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price gapped up prior to trading on Monday . The stock had previously closed at $9.01, but opened at $9.62. SoFi Technologies shares last traded at $9.83, with a volume of 20,046,066 shares traded.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SOFI shares. Keefe, Bruyette & Woods decreased their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays lowered their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Performance

The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of -32.84, a P/E/G ratio of 1.72 and a beta of 1.70. The stock’s fifty day moving average is $7.71 and its two-hundred day moving average is $7.27. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the prior year, the business earned ($0.06) EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts predict that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

Insider Activity at SoFi Technologies

In other news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares in the company, valued at approximately $830,594.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares of the company’s stock, 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. In the last 90 days, insiders have sold 102,328 shares of company stock worth $808,246. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in SoFi Technologies by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after buying an additional 5,057,233 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in SoFi Technologies during the fourth quarter worth about $1,160,000. Banque Cantonale Vaudoise boosted its stake in shares of SoFi Technologies by 16.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 14,500 shares of the company’s stock valued at $107,000 after purchasing an additional 2,000 shares in the last quarter. SOA Wealth Advisors LLC. lifted its stake in SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Anderson Hoagland & Co. boosted its position in SoFi Technologies by 11.2% in the first quarter. Anderson Hoagland & Co. now owns 445,977 shares of the company’s stock valued at $3,372,000 after buying an additional 44,976 shares in the last quarter. 38.43% of the stock is 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.