SoFi Technologies (NASDAQ:SOFI) Stock Price Up 3%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 3% during trading on Tuesday . The stock traded as high as $7.54 and last traded at $7.47. 11,348,558 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 52,147,652 shares. The stock had previously closed at $7.25.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SOFI. The Goldman Sachs Group raised their price target on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of SoFi Technologies in a research note on Wednesday, January 10th. They issued a “hold” rating and a $11.00 price objective for the company. Morgan Stanley reaffirmed an “underweight” rating and issued a $6.50 price objective (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Jefferies Financial Group decreased their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, March 26th. Finally, Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Up 4.4 %

The firm has a market cap of $7.39 billion, a P/E ratio of -19.66 and a beta of 1.75. The business’s fifty day moving average price is $7.69 and its two-hundred day moving average price is $7.91. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The business had revenue of $615.40 million for the quarter, compared to the consensus estimate of $572.02 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. SoFi Technologies’s revenue for the quarter was up 34.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. As a group, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares in the company, valued at approximately $2,706,968.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOFI. GAMMA Investing LLC acquired a new position in shares of SoFi Technologies during the fourth quarter worth approximately $27,000. Westside Investment Management Inc. lifted its position in shares of SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares in the last quarter. SOA Wealth Advisors LLC. lifted its position in shares of SoFi Technologies by 61.2% during the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock worth $33,000 after purchasing an additional 1,713 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of SoFi Technologies during the first quarter worth approximately $37,000. Finally, Tortoise Investment Management LLC bought a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $39,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.