SoFi Technologies (NASDAQ:SOFI) Sets New 52-Week High – Time to Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price hit a new 52-week high on Saturday . The company traded as high as $16.61 and last traded at $16.41, with a volume of 31524910 shares. The stock had previously closed at $16.12.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barclays increased their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Needham & Company LLC increased their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group boosted their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.80.

SoFi Technologies Stock 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 company has a market capitalization of $17.81 billion, a PE ratio of 164.12, a PEG ratio of 2.68 and a beta of 1.60. The company has a 50-day moving average price of $11.06 and a two-hundred day moving average price of $8.45.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The company’s revenue was up 29.8% on a year-over-year basis. Analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This trade represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 9,590 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total transaction of $139,630.40. Following the completion of the transaction, the executive vice president now directly owns 142,613 shares of the company’s stock, valued at approximately $2,076,445.28. This represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,287 shares of company stock worth $863,250 in the last three months. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in shares of SoFi Technologies in the 3rd quarter worth approximately $27,000. Brooklyn Investment Group bought a new stake in SoFi Technologies in the third quarter worth $28,000. Allspring Global Investments Holdings LLC boosted its position 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 valued at $29,000 after buying an additional 1,543 shares during the period. GAMMA Investing LLC grew its stake in shares of SoFi Technologies by 65.3% during 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 during the last quarter. Finally, Waldron Private Wealth LLC purchased a new position in shares of SoFi Technologies in the third quarter worth about $39,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.