SoFi Technologies (NASDAQ:SOFI) Sets New 1-Year High – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $10.50 and last traded at $10.36, with a volume of 6169928 shares traded. The stock had previously closed at $10.18.

Analyst Ratings Changes

SOFI has been the subject of several recent analyst reports. Keefe, Bruyette & Woods dropped their target price 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 cut their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 price target 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 four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and an average target price of $9.25.

SoFi Technologies Stock Up 1.7 %

The business’s 50-day simple moving average is $7.99 and its 200 day simple moving average is $7.35. The firm has a market cap of $11.19 billion, a PE ratio of -34.13, a P/E/G ratio of 1.72 and a beta of 1.70. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. The company had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. SoFi Technologies’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted ($0.06) earnings per share. As a group, equities research analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares in the company, valued at $1,290,472.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 102,328 shares of company stock worth $808,246 in the last three months. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of SOFI. Vanguard Group Inc. grew its position in SoFi Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock worth $604,632,000 after purchasing an additional 1,366,271 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after buying an additional 9,482,683 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of SoFi Technologies by 6.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock valued at $75,737,000 after acquiring an additional 690,638 shares during the period. Nikko Asset Management Americas Inc. raised its stake in SoFi Technologies by 176.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after acquiring an additional 6,870,610 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in SoFi Technologies by 130.0% during the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after acquiring an additional 3,593,464 shares during the period. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.