SoFi Technologies (NASDAQ:SOFI) Trading 7.3% Higher After Strong Earnings

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded up 7.3% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $11.28 and last traded at $11.23. 33,033,652 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 46,610,070 shares. The stock had previously closed at $10.47.

The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same period last year, the company posted ($0.03) earnings per share. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Needham & Company LLC increased their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays raised their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group increased their price objective on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.71.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,636 shares of company stock valued at $904,677. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. ORG Partners LLC bought a new stake in SoFi Technologies in the first quarter valued at $27,000. Allspring Global Investments Holdings LLC increased its position in shares of SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC bought a new position in SoFi Technologies during the 3rd quarter valued at about $39,000. GAMMA Investing LLC boosted its position in SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in SoFi Technologies during the third quarter worth about $47,000. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Trading Up 7.2 %

The company’s fifty day moving average price is $8.52 and its two-hundred day moving average price is $7.51. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a market cap of $11.96 billion, a price-to-earnings ratio of 112.20, a price-to-earnings-growth ratio of 2.08 and a beta of 1.70.

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.