Morgan Stanley Forecasts Strong Price Appreciation for SoFi Technologies (NASDAQ:SOFI) Stock

SoFi Technologies (NASDAQ:SOFI) had its price target hoisted by analysts at Morgan Stanley from $7.50 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target would indicate a potential downside of 15.31% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Mizuho raised their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Barclays upped their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.04.

SoFi Technologies Stock Up 2.1 %

Shares of SOFI stock opened at $15.35 on Thursday. The company has a market capitalization of $16.66 billion, a price-to-earnings ratio of 153.52, a PEG ratio of 2.65 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock’s 50 day simple moving average is $13.55 and its 200 day simple moving average is $9.43. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $17.19.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same period in the previous year, the company earned ($0.03) earnings per share. SoFi Technologies’s revenue for the quarter was up 29.8% on a year-over-year basis. As a group, research analysts predict that SoFi Technologies will post 0.12 EPS for the current year.

Insider Activity

In related news, EVP Eric Schuppenhauer bought 30,600 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was acquired at an average cost of $16.34 per share, with a total value of $500,004.00. Following the acquisition, the executive vice president now owns 46,105 shares in the company, valued at approximately $753,355.70. This represents a 197.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,009,658 shares of company stock worth $416,825,197. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SOFI. Capital Performance Advisors LLP bought a new stake in shares of SoFi Technologies in the 3rd quarter worth about $27,000. Brooklyn Investment Group acquired a new position in SoFi Technologies in the third quarter valued at about $28,000. Allspring Global Investments Holdings LLC grew its stake in SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after buying an additional 1,543 shares during the last quarter. Waldron Private Wealth LLC acquired a new stake in shares of SoFi Technologies during the third quarter worth approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in shares of SoFi Technologies in the third quarter valued at approximately $47,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.