SoFi Technologies (NASDAQ:SOFI) Trading 1.9% Higher on Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 1.9% during mid-day trading on Friday following insider buying activity. The company traded as high as $7.00 and last traded at $6.96. 8,571,946 shares were traded during mid-day trading, a decline of 83% from the average session volume of 51,488,500 shares. The stock had previously closed at $6.83.

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

Analyst Ratings Changes

A number of research firms have recently commented on SOFI. Jefferies Financial Group cut their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $6.50 to $7.50 in a research report on Friday, April 5th. The Goldman Sachs Group raised their price objective 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. Finally, Wedbush restated an “underperform” rating and issued a $3.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Trading Up 1.9 %

The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The firm’s 50 day moving average is $7.25 and its 200 day moving average is $7.81. The company has a market capitalization of $7.36 billion, a PE ratio of -22.45, a P/E/G ratio of 1.63 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last issued its 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 1.10%. The company had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. During the same period in the previous year, the firm earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. As a group, equities analysts predict that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies in the fourth quarter worth $27,000. ORG Partners LLC purchased a new position in SoFi Technologies during the 1st quarter valued at $27,000. Westside Investment Management Inc. increased its position in SoFi Technologies by 93.8% during 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. SOA Wealth Advisors LLC. increased its position in SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new position in SoFi Technologies during the 1st quarter valued at $37,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.