SoFi Technologies (NASDAQ:SOFI) Sees Strong Trading Volume on Better-Than-Expected Earnings

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) saw unusually-strong trading volume on Tuesday following a better than expected earnings announcement. Approximately 44,375,483 shares were traded during 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, beating the consensus estimate of $0.03 by $0.03. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. The company had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. The firm’s revenue for the quarter was up 32.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOFI. Citigroup increased their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. JMP Securities initiated coverage on SoFi Technologies in a research note on Friday, April 25th. They set a “market outperform” rating and a $17.00 target price for the company. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Citizens Jmp initiated coverage on SoFi Technologies in a research note on Friday, April 25th. They set an “outperform” rating and a $17.00 target price for the company. Finally, William Blair restated an “outperform” rating on shares of SoFi Technologies in a research note on Friday, January 24th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus target price of $14.38.

Insider Activity

In related news, EVP Kelli Keough sold 9,185 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $15.43, for a total value of $141,724.55. Following the completion of the sale, the executive vice president now directly owns 169,626 shares in the company, valued at $2,617,329.18. This represents a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 68,625 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $12.64, for a total value of $867,420.00. Following the sale, the chief technology officer now owns 655,118 shares in the company, valued at approximately $8,280,691.52. The trade was a 9.48 % 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. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SOFI. Two Sigma Advisers LP bought a new position in shares of SoFi Technologies during the 4th quarter worth approximately $299,980,000. Vanguard Group Inc. boosted its holdings in shares of SoFi Technologies by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock worth $1,514,390,000 after buying an additional 8,898,879 shares in the last quarter. Norges Bank bought a new position in shares of SoFi Technologies during the 4th quarter worth approximately $103,678,000. Voloridge Investment Management LLC acquired a new position in shares of SoFi Technologies during the fourth quarter worth approximately $75,139,000. Finally, Amundi raised its position in shares of SoFi Technologies by 58,176.3% during the fourth quarter. Amundi now owns 2,705,185 shares of the company’s stock worth $39,360,000 after purchasing an additional 2,700,543 shares during the period. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Price Performance

The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $12.05 and a two-hundred day moving average price of $13.70. The company has a market capitalization of $13.72 billion, a price-to-earnings ratio of 33.81, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86.

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.