SoFi Technologies (NASDAQ:SOFI) Shares Gap Up After Analyst Upgrade

Posted by on Aug 4th, 2022

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) gapped up before the market opened on Wednesday after Credit Suisse Group raised their price target on the stock from $8.00 to $8.50. The stock had previously closed at $6.41, but opened at $7.06. Credit Suisse Group currently has a neutral rating on the stock. SoFi Technologies shares last traded at $7.78, with a volume of 740,554 shares trading hands.

Other research analysts also recently issued research reports about the stock. Piper Sandler dropped their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, June 29th. Wedbush dropped their target price on shares of SoFi Technologies from $20.00 to $15.00 in a report on Thursday, April 7th. Oppenheimer dropped their target price on shares of SoFi Technologies from $18.00 to $13.00 and set an “outperform” rating for the company in a report on Thursday, April 7th. Moffett Nathanson started coverage on shares of SoFi Technologies in a report on Tuesday, April 5th. They issued a “buy” rating and a $13.00 target price for the company. Finally, Citigroup dropped their target price on shares of SoFi Technologies from $17.00 to $11.00 in a report on Thursday, May 12th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.73.

Insider Activity

In other SoFi Technologies news, Director Harvey M. Schwartz bought 15,000 shares of the firm’s stock in a transaction dated Friday, May 13th. The shares were purchased at an average cost of $6.50 per share, for a total transaction of $97,500.00. Following the transaction, the director now owns 229,852 shares of the company’s stock, valued at $1,494,038. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other SoFi Technologies news, CEO Anthony Noto bought 37,056 shares of the firm’s stock in a transaction dated Tuesday, May 24th. The shares were purchased at an average cost of $6.72 per share, for a total transaction of $249,016.32. Following the transaction, the chief executive officer now owns 3,276,895 shares of the company’s stock, valued at $22,020,734.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harvey M. Schwartz bought 15,000 shares of the firm’s stock in a transaction dated Friday, May 13th. The shares were acquired at an average price of $6.50 per share, for a total transaction of $97,500.00. Following the completion of the transaction, the director now directly owns 229,852 shares in the company, valued at approximately $1,494,038. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 257,753 shares of company stock worth $1,561,711. 13.00% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its position in SoFi Technologies by 25.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 625,894 shares of the company’s stock worth $5,914,000 after purchasing an additional 127,848 shares during the period. Banque Pictet & Cie SA purchased a new stake in SoFi Technologies in the 1st quarter worth about $192,000. B & T Capital Management DBA Alpha Capital Management raised its position in SoFi Technologies by 97.2% in the 1st quarter. B & T Capital Management DBA Alpha Capital Management now owns 57,783 shares of the company’s stock worth $546,000 after purchasing an additional 28,484 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in SoFi Technologies by 53.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 36,984 shares of the company’s stock worth $350,000 after acquiring an additional 12,805 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in SoFi Technologies in the 4th quarter worth about $4,031,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 5.60 and a current ratio of 5.60. The stock’s 50 day simple moving average is $6.27 and its 200 day simple moving average is $8.32. The firm has a market capitalization of $7.54 billion, a P/E ratio of -10.04 and a beta of 1.53.

SoFi Technologies (NASDAQ:SOFI – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). The firm had revenue of $321.70 million for the quarter, compared to the consensus estimate of $283.99 million. SoFi Technologies had a negative net margin of 36.32% and a negative return on equity of 9.24%. The firm’s quarterly revenue was up 48.9% on a year-over-year basis. As a group, analysts expect that SoFi Technologies, Inc. will post -0.44 earnings per share for the current fiscal year.

SoFi Technologies Company Profile

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SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

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