SoFi Technologies (NASDAQ:SOFI) Trading Up 0.3% After Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 0.3% on Tuesday following insider buying activity. The stock traded as high as $7.18 and last traded at $7.18. Approximately 8,007,087 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 53,758,680 shares. The stock had previously closed at $7.16.

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

Analysts Set New Price Targets

Several analysts recently weighed in on SOFI shares. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Citigroup assumed coverage on shares of SoFi Technologies in a report on Monday, April 8th. They issued a “buy” rating and a $11.00 target price on the stock. Jefferies Financial Group decreased their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Finally, Wedbush reissued an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a research report on Tuesday, April 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $9.08.

SoFi Technologies Stock Performance

The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $6.99 billion, a PE ratio of -23.16 and a beta of 1.75. The business’s 50-day moving average is $7.51 and its two-hundred day moving average is $7.85.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping 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 firm had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. SoFi Technologies’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of SoFi Technologies by 3.5% during the third quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock worth $610,458,000 after acquiring an additional 2,567,797 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of SoFi Technologies by 102.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 495,839 shares of the company’s stock worth $3,962,000 after purchasing an additional 250,854 shares during the period. Baltimore Washington Financial Advisors Inc. increased its holdings in SoFi Technologies by 18.0% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 390,098 shares of the company’s stock worth $3,117,000 after purchasing an additional 59,412 shares in the last quarter. Hartline Investment Corp increased its holdings in SoFi Technologies by 3.4% during the 3rd quarter. Hartline Investment Corp now owns 865,756 shares of the company’s stock worth $6,917,000 after purchasing an additional 28,115 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of SoFi Technologies by 15.3% in the 3rd quarter. Victory Capital Management Inc. now owns 96,052 shares of the company’s stock worth $767,000 after purchasing an additional 12,741 shares during the period. Institutional investors and hedge funds 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.