SoFi Technologies (NASDAQ:SOFI) Sees Large Volume Increase Following Better-Than-Expected Earnings

SoFi Technologies, Inc. (NASDAQ:SOFI) shares saw unusually-strong trading volume on Tuesday following a stronger than expected earnings report. Approximately 44,375,483 shares changed hands during mid-day trading, a decline of 5% from the previous session’s volume of 46,684,894 shares.The stock last traded at $13.97 and had previously closed at $13.20.

The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SOFI shares. Dbs Bank upgraded SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. Citigroup boosted their price objective on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Citizens Jmp started coverage on shares of SoFi Technologies in a research note on Friday. They issued an “outperform” rating and a $17.00 target price on the stock. William Blair restated an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. Finally, JMP Securities initiated coverage on shares of SoFi Technologies in a report on Friday. They set a “market outperform” rating and a $17.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $13.10.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the transaction, the chief technology officer now owns 655,118 shares in the company, valued at approximately $8,280,691.52. This represents a 9.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 11,181 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $10.71, for a total value of $119,748.51. Following the completion of the transaction, the executive vice president now owns 215,029 shares of the company’s stock, valued at approximately $2,302,960.59. The trade was a 4.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,172 shares of company stock worth $1,271,115. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. GF Fund Management CO. LTD. bought a new stake in shares of SoFi Technologies during the 1st quarter valued at about $485,000. OneDigital Investment Advisors LLC grew its position in shares of SoFi Technologies by 21.4% during the first quarter. OneDigital Investment Advisors LLC now owns 29,971 shares of the company’s stock valued at $349,000 after purchasing an additional 5,292 shares in the last quarter. Hartline Investment Corp boosted its position in shares of SoFi Technologies by 25.1% during the 1st quarter. Hartline Investment Corp now owns 12,893 shares of the company’s stock valued at $150,000 after acquiring an additional 2,586 shares during the last quarter. Palisade Capital Management LP bought a new stake in SoFi Technologies in the first quarter worth $128,000. Finally, D.A. Davidson & CO. boosted its stake in shares of SoFi Technologies by 11.3% during the first quarter. D.A. Davidson & CO. now owns 121,330 shares of the company’s stock valued at $1,411,000 after purchasing an additional 12,322 shares during the period. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Stock Up 5.9 %

The company has a market cap of $15.33 billion, a P/E ratio of 37.87, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86. The business’s fifty day moving average is $12.14 and its two-hundred day moving average is $13.71. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

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.