SoFi Technologies (NASDAQ:SOFI) Trading 2.7% Higher – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price traded up 2.7% during mid-day trading on Thursday . The company traded as high as $28.06 and last traded at $27.72. 50,222,009 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 68,554,383 shares. The stock had previously closed at $27.00.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SOFI shares. Keefe, Bruyette & Woods raised their price objective on SoFi Technologies from $18.00 to $20.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 29th. Needham & Company LLC lifted their target price on SoFi Technologies from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. BTIG Research reiterated a “neutral” rating on shares of SoFi Technologies in a research report on Wednesday, October 29th. Morgan Stanley raised their price target on shares of SoFi Technologies from $13.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Finally, Bank of America initiated coverage on shares of SoFi Technologies in a research note on Tuesday. They set an “underperform” rating and a $20.50 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.50.

SoFi Technologies Price Performance

The stock’s fifty day moving average is $27.83 and its 200-day moving average is $25.44. The stock has a market capitalization of $33.43 billion, a PE ratio of 51.33, a P/E/G ratio of 1.69 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.80 and a quick ratio of 0.16.

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

Insiders Place Their Bets

In other news, insider Arun Pinto sold 46,132 shares of the stock in a transaction that occurred 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 transaction, the insider owned 138,396 shares in the company, valued at $3,426,684.96. This trade represents a 25.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kelli Keough sold 10,340 shares of SoFi Technologies stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $26.43, for a total transaction of $273,286.20. Following the completion of the sale, the executive vice president directly owned 265,034 shares in the company, valued at $7,004,848.62. This represents a 3.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 167,813 shares of company stock worth $4,403,334. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wedmont Private Capital raised its position in shares of SoFi Technologies by 14.4% during the 4th quarter. Wedmont Private Capital now owns 27,543 shares of the company’s stock worth $744,000 after purchasing an additional 3,457 shares during the last quarter. Maridea Wealth Management LLC purchased a new stake in SoFi Technologies during the 4th quarter worth approximately $267,000. Nordea Investment Management AB boosted its stake in shares of SoFi Technologies by 35.1% in the fourth quarter. Nordea Investment Management AB now owns 132,202 shares of the company’s stock worth $3,496,000 after acquiring an additional 34,381 shares during the last quarter. Cooper Financial Group raised its stake in SoFi Technologies by 6.1% in the 4th quarter. Cooper Financial Group now owns 14,847 shares of the company’s stock valued at $389,000 after purchasing an additional 860 shares during the last quarter. Finally, Lake Street Private Wealth LLC grew its holdings in shares of SoFi Technologies by 4.9% during the fourth quarter. Lake Street Private Wealth LLC now owns 8,368 shares of the company’s stock worth $219,000 after buying an additional 390 shares in the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.