SoFi Technologies (NASDAQ:SOFI) Shares Up 2.7% Following Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 2.7% during mid-day trading on Monday following insider buying activity. The company traded as high as $7.27 and last traded at $7.15. 25,527,049 shares were traded during trading, a decline of 53% from the average session volume of 53,993,969 shares. The stock had previously closed at $6.96.

Specifically, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the sale, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anthony Noto bought 28,775 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were bought at an average price of $6.90 per share, with a total value of $198,547.50. Following the completion of the purchase, the chief executive officer now owns 8,033,369 shares in the company, valued at approximately $55,430,246.10. The disclosure for this purchase can be found here. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SOFI shares. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Tuesday, April 30th. Mizuho dropped their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $6.50 to $7.50 in a research report on Friday, April 5th. The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Finally, Wedbush restated an “underperform” rating and issued a $3.00 price objective on shares of SoFi Technologies in a report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Stock Performance

The company has a market cap of $7.03 billion, a PE ratio of -23.06 and a beta of 1.75. The business’s fifty day moving average is $7.51 and its 200-day moving average is $7.85. 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 results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. SoFi Technologies’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) earnings per share. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SOFI. SG Americas Securities LLC lifted its stake in SoFi Technologies by 23.5% in the third quarter. SG Americas Securities LLC now owns 34,436 shares of the company’s stock valued at $275,000 after buying an additional 6,548 shares during the last quarter. Simplicity Solutions LLC raised its holdings in shares of SoFi Technologies by 42.1% in the 3rd quarter. Simplicity Solutions LLC now owns 17,385 shares of the company’s stock worth $139,000 after purchasing an additional 5,147 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of SoFi Technologies by 12.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 1,075,755 shares of the company’s stock worth $8,595,000 after purchasing an additional 123,289 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in shares of SoFi Technologies by 102.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 495,839 shares of the company’s stock valued at $3,962,000 after buying an additional 250,854 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its stake in SoFi Technologies by 79.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 74,339 shares of the company’s stock valued at $594,000 after purchasing an additional 32,861 shares in the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.