Needham & Company LLC Reaffirms Buy Rating for SoFi Technologies (NASDAQ:SOFI)

Needham & Company LLC reissued their buy rating on shares of SoFi Technologies (NASDAQ:SOFI) in a report released on Tuesday morning, Benzinga reports. The firm currently has a $10.00 price target on the stock.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised SoFi Technologies from an underperform rating to a market perform rating and raised their price target for the company from $6.50 to $7.50 in a report on Friday, April 5th. Morgan Stanley reaffirmed an underweight rating and set a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Jefferies Financial Group dropped their price target on SoFi Technologies from $15.00 to $12.00 and set a buy rating for the company in a report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft began coverage on SoFi Technologies in a report on Wednesday, January 10th. They set a hold rating and a $11.00 price target for the company. Finally, The Goldman Sachs Group raised their price target on SoFi Technologies from $7.00 to $8.00 and gave the company a neutral rating in a report on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $9.08.

SoFi Technologies Trading Down 0.4 %

SOFI stock opened at $6.96 on Tuesday. SoFi Technologies has a 1-year low of $4.45 and a 1-year high of $11.70. The firm has a market cap of $6.80 billion, a P/E ratio of -22.45 and a beta of 1.75. The business’s 50 day moving average is $7.53 and its 200-day moving average is $7.86. 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 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 positive return on equity of 1.13% and a negative net margin of 8.21%. The company 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 company posted ($0.05) EPS. The company’s revenue was up 26.2% compared to the same quarter last year. Equities analysts anticipate that SoFi Technologies will post 0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, 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 filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wedmont Private Capital lifted its holdings in SoFi Technologies by 13.2% during the fourth quarter. Wedmont Private Capital now owns 12,068 shares of the company’s stock worth $120,000 after acquiring an additional 1,411 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of SoFi Technologies by 0.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 192,238 shares of the company’s stock valued at $1,536,000 after purchasing an additional 1,413 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of SoFi Technologies by 2.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock valued at $655,000 after purchasing an additional 1,498 shares during the period. Westside Investment Management Inc. raised its stake in shares of SoFi Technologies by 93.8% in the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after purchasing an additional 1,500 shares during the period. Finally, EP Wealth Advisors LLC raised its stake in shares of SoFi Technologies by 0.4% in the 4th quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock valued at $3,751,000 after purchasing an additional 1,508 shares during the period. 38.43% of the stock is currently owned by institutional investors.

About SoFi Technologies

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.