SoFi Technologies (NASDAQ:SOFI) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of SoFi Technologies (NASDAQ:SOFI) in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has a $10.00 price objective on the stock.

Several other research firms have also recently issued reports on SOFI. BTIG Research started coverage on SoFi Technologies in a report on Friday, June 7th. They set a neutral rating on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on SoFi Technologies from $12.00 to $11.00 and set a hold rating on the stock in a report on Tuesday, April 30th. Keefe, Bruyette & Woods upgraded SoFi Technologies from an underperform rating to a market perform rating and lifted their target price for the company from $6.50 to $7.50 in a report on Friday, April 5th. Citigroup started coverage on SoFi Technologies in a report on Monday, April 8th. They issued a buy rating and a $11.00 target price on the stock. Finally, Jefferies Financial Group reduced their target price on SoFi Technologies from $15.00 to $12.00 and set a buy rating on the stock in a report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $9.32.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $6.52 on Tuesday. SoFi Technologies has a 1-year low of $6.20 and a 1-year high of $11.70. The company has a market capitalization of $6.89 billion, a P/E ratio of -21.03, a PEG ratio of 1.49 and a beta of 1.70. The business has a 50 day moving average price of $6.86 and a 200 day moving average price of $7.64. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24.

SoFi Technologies (NASDAQ:SOFI) last released 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 during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. SoFi Technologies’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) earnings per share. Sell-side analysts expect that SoFi Technologies will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the transaction, the chief technology officer now owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Insiders bought 88,390 shares of company stock worth $597,569 over the last ninety days. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wedmont Private Capital increased its holdings in shares of 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 buying an additional 1,411 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of SoFi Technologies by 2.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock worth $655,000 after buying an additional 1,498 shares in the last quarter. Westside Investment Management Inc. increased its holdings 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 buying an additional 1,500 shares in the last quarter. EP Wealth Advisors LLC increased its holdings in shares of SoFi Technologies by 0.4% during the fourth quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock worth $3,751,000 after buying an additional 1,508 shares in the last quarter. Finally, River Street Advisors LLC increased its holdings in shares of SoFi Technologies by 4.5% during the fourth quarter. River Street Advisors LLC now owns 35,414 shares of the company’s stock worth $352,000 after buying an additional 1,526 shares in the last quarter. Institutional investors and hedge funds 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.