SoFi Technologies (NASDAQ:SOFI) Coverage Initiated at Bank of America

Stock analysts at Bank of America initiated coverage on shares of SoFi Technologies (NASDAQ:SOFI) in a research note issued to investors on Tuesday. The firm set an “underperform” rating and a $20.50 price target on the stock. Bank of America‘s target price suggests a potential downside of 23.75% from the stock’s current price.

SOFI has been the subject of several other research reports. BTIG Research reiterated a “neutral” rating on shares of SoFi Technologies in a report on Wednesday, October 29th. The Goldman Sachs Group dropped their target price on SoFi Technologies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday. Morgan Stanley increased their price target on SoFi Technologies from $13.00 to $18.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Truist Financial lowered their price target on SoFi Technologies from $31.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, November 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of SoFi Technologies in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.50.

SoFi Technologies Stock Down 8.2%

SOFI traded down $2.39 on Tuesday, hitting $26.89. The company had a trading volume of 96,561,958 shares, compared to its average volume of 73,856,625. The stock has a market capitalization of $32.42 billion, a price-to-earnings ratio of 49.60 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.16 and a current ratio of 0.80. The stock has a fifty day moving average price of $28.00 and a 200-day moving average price of $25.35. SoFi Technologies has a 12-month low of $8.60 and a 12-month high of $32.73.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. SoFi Technologies had a net margin of 19.29% and a return on equity of 5.12%. The business had revenue of $949.63 million during the quarter, compared to analyst estimates of $880.33 million. During the same period in the prior year, the firm posted $0.05 earnings per share. The company’s quarterly revenue was up 37.7% on a year-over-year basis. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. Analysts predict that SoFi Technologies will post 0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 91,837 shares of SoFi Technologies stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $26.64, for a total transaction of $2,446,537.68. Following the completion of the sale, the chief technology officer directly owned 794,598 shares in the company, valued at approximately $21,168,090.72. The trade was a 10.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Arun Pinto sold 46,132 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $24.76, for a total transaction of $1,142,228.32. Following the completion of the sale, the insider owned 138,396 shares in the company, valued at $3,426,684.96. The trade was a 25.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 167,813 shares of company stock valued at $4,403,334. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC acquired a new stake in SoFi Technologies during the third quarter worth about $29,000. SJS Investment Consulting Inc. lifted its holdings in SoFi Technologies by 840.3% in the third quarter. SJS Investment Consulting Inc. now owns 1,119 shares of the company’s stock valued at $30,000 after acquiring an additional 1,000 shares during the period. Strategic Investment Solutions Inc. IL boosted its position in SoFi Technologies by 693.5% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 1,230 shares of the company’s stock worth $32,000 after purchasing an additional 1,075 shares in the last quarter. Blume Capital Management Inc. grew its stake in shares of SoFi Technologies by 52.9% during the 3rd quarter. Blume Capital Management Inc. now owns 1,300 shares of the company’s stock worth $34,000 after purchasing an additional 450 shares during the period. Finally, Assetmark Inc. lifted its stake in shares of SoFi Technologies by 50.5% in the 3rd quarter. Assetmark Inc. now owns 1,273 shares of the company’s stock valued at $34,000 after purchasing an additional 427 shares during the period. Institutional investors and hedge funds own 38.43% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc (NASDAQ: SOFI) is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company’s core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.