SoFi Technologies (NASDAQ:SOFI) Trading Up 2.5%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded up 2.5% on Wednesday . The company traded as high as $7.73 and last traded at $7.72. 10,362,448 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 45,917,832 shares. The stock had previously closed at $7.53.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SOFI shares. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Wednesday, July 31st. BTIG Research initiated coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They set a “neutral” rating on the stock. Barclays cut their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods decreased their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.14.

SoFi Technologies Stock Down 2.9 %

The company has a market capitalization of $7.68 billion, a PE ratio of -23.42, a P/E/G ratio of 1.62 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The company’s 50-day moving average is $7.10 and its 200 day moving average is $7.22.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The company had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.06) earnings per share. As a group, analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity at SoFi Technologies

In other news, Director Qatar Investment Authority sold 19,840,073 shares of the firm’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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anthony Noto purchased 30,715 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was purchased at an average price of $6.48 per share, for a total transaction of $199,033.20. Following the completion of the purchase, the chief executive officer now owns 8,121,844 shares in the company, valued at $52,629,549.12. The disclosure for this purchase can be found here. Insiders have sold 19,921,285 shares of company stock valued at $135,057,462 over the last ninety days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new position in SoFi Technologies in the 2nd quarter worth $731,000. EP Wealth Advisors LLC increased its position in SoFi Technologies by 1.6% in the second quarter. EP Wealth Advisors LLC now owns 382,844 shares of the company’s stock worth $2,531,000 after buying an additional 6,122 shares in the last quarter. Quarry LP bought a new position in shares of SoFi Technologies in the second quarter worth about $84,000. Second Line Capital LLC raised its stake in shares of SoFi Technologies by 1.3% in the second quarter. Second Line Capital LLC now owns 244,446 shares of the company’s stock worth $1,616,000 after buying an additional 3,200 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of SoFi Technologies by 64.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company’s stock valued at $1,948,000 after buying an additional 115,316 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.