SoFi Technologies (NASDAQ:SOFI) Trading 0.7% Higher

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) rose 0.7% during mid-day trading on Wednesday . The stock traded as high as $7.04 and last traded at $6.83. Approximately 22,685,260 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 53,846,879 shares. The stock had previously closed at $6.78.

Analysts Set New Price Targets

SOFI has been the subject of several analyst reports. Citigroup assumed coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They issued a “buy” rating and a $11.00 price objective for the company. Wedbush reissued an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday. Mizuho cut their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Morgan Stanley reissued an “underweight” rating and set a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average price target of $9.08.

SoFi Technologies Price Performance

The company’s fifty day moving average is $7.58 and its two-hundred day moving average is $7.87. The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of -22.03 and a beta of 1.75. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The business had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. During the same period in the prior year, the business posted ($0.05) earnings per share. SoFi Technologies’s revenue was up 26.2% compared to the same quarter last year. Equities research analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the sale, the chief technology officer now directly owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in SoFi Technologies by 15.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,263,475 shares of the company’s stock valued at $9,223,000 after purchasing an additional 166,271 shares in the last quarter. Diversify Advisory Services LLC bought a new position in shares of SoFi Technologies in the 1st quarter valued at about $6,912,000. Van ECK Associates Corp grew its position in shares of SoFi Technologies by 50.5% in the 1st quarter. Van ECK Associates Corp now owns 288,438 shares of the company’s stock valued at $2,106,000 after acquiring an additional 96,845 shares during the period. HB Wealth Management LLC bought a new position in shares of SoFi Technologies in the 1st quarter valued at about $176,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of SoFi Technologies in the 1st quarter valued at about $179,000. 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.