SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.1% After Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was up 2.1% on Friday after Morgan Stanley raised their price target on the stock from $7.50 to $13.00. Morgan Stanley currently has an underweight rating on the stock. SoFi Technologies traded as high as $15.37 and last traded at $15.35. Approximately 16,794,154 shares were traded during trading, a decline of 65% from the average daily volume of 47,606,477 shares. The stock had previously closed at $15.03.

A number of other research firms also recently weighed in on SOFI. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Needham & Company LLC increased their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group lifted their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Finally, Barclays boosted their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $11.04.

Insider Transactions at SoFi Technologies

In other news, EVP Eric Schuppenhauer bought 30,600 shares of the stock in a transaction on Monday, December 16th. The shares were purchased at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the purchase, the executive vice president now directly owns 46,105 shares in the company, valued at $753,355.70. This represents a 197.36 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bashir Ruzwana sold 52,000 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $16.02, for a total value of $833,040.00. Following the transaction, the director now owns 25,937 shares of the company’s stock, valued at $415,510.74. The trade was a 66.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,009,658 shares of company stock worth $416,825,197 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in shares of SoFi Technologies by 263.3% in the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after purchasing an additional 9,482,683 shares in the last quarter. Marshall Wace LLP grew its stake in SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after buying an additional 3,593,464 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in SoFi Technologies by 214.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after buying an additional 2,688,847 shares in the last quarter. Mizuho Markets Americas LLC raised its holdings in SoFi Technologies by 403.4% during the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock valued at $20,132,000 after acquiring an additional 2,440,745 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in shares of SoFi Technologies during the third quarter worth $16,014,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Stock Up 2.1 %

The stock has a market capitalization of $16.66 billion, a P/E ratio of 153.52, a price-to-earnings-growth ratio of 2.65 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock has a fifty day moving average price of $13.55 and a 200 day moving average price of $9.43.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping 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 business had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same quarter last year, the company earned ($0.03) EPS. The firm’s revenue was up 29.8% compared to the same quarter last year. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

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.