SoFi Technologies (NASDAQ:SOFI) Reaches New 52-Week High – Should You Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares hit a new 52-week high on Wednesday . The company traded as high as $12.19 and last traded at $11.99, with a volume of 5776470 shares traded. The stock had previously closed at $11.42.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SOFI. Jefferies Financial Group boosted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Barclays upped their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Needham & Company LLC boosted their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.32.

SoFi Technologies Stock Up 0.8 %

The stock’s fifty day simple moving average is $8.90 and its two-hundred day simple moving average is $7.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of 119.00, a PEG ratio of 1.79 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.79%. SoFi Technologies’s revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) earnings per share. On average, sell-side analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were 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 directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kelli Keough sold 24,939 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,636 shares of company stock worth $904,677. 2.60% of the stock is owned by company insiders.

Institutional Trading of SoFi Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of SoFi Technologies by 4,252.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock valued at $585,000 after purchasing an additional 86,545 shares during the last quarter. Mark Asset Management LP lifted its stake in SoFi Technologies by 79.9% during the second quarter. Mark Asset Management LP now owns 340,654 shares of the company’s stock valued at $2,252,000 after buying an additional 151,265 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of SoFi Technologies by 64.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company’s stock worth $1,948,000 after buying an additional 115,316 shares during the period. Texas Capital Bank Wealth Management Services Inc increased its position in shares of SoFi Technologies by 233.3% in the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock worth $661,000 after acquiring an additional 70,000 shares in the last quarter. Finally, Diversify Advisory Services LLC raised its holdings in shares of SoFi Technologies by 7.4% during the third quarter. Diversify Advisory Services LLC now owns 813,589 shares of the company’s stock valued at $6,395,000 after acquiring an additional 56,245 shares during the period. 38.43% of the stock is currently owned by institutional investors.

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.