SoFi Technologies (NASDAQ:SOFI) Sees Large Volume Increase Following Analyst Upgrade

Posted by on Jun 14th, 2023

SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) saw unusually-strong trading volume on Tuesday after Truist Financial raised their price target on the stock from $8.00 to $11.00. Approximately 21,517,556 shares traded hands during trading, a decline of 49% from the previous session’s volume of 42,166,668 shares.The stock last traded at $9.29 and had previously closed at $9.16.

SOFI has been the topic of a number of other reports. Wedbush cut SoFi Technologies from a “neutral” rating to an “underperform” rating and cut their price target for the company from $5.00 to $2.50 in a research note on Monday, May 15th. Keefe, Bruyette & Woods boosted their price target on SoFi Technologies from $5.00 to $5.50 in a research note on Thursday, June 8th. Mizuho boosted their price target on SoFi Technologies from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, February 15th. Finally, Piper Sandler cut their price objective on SoFi Technologies from $8.00 to $6.50 in a research report on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.25.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CEO Anthony Noto bought 50,000 shares of the stock in a transaction dated Thursday, May 4th. The stock was bought at an average cost of $4.73 per share, for a total transaction of $236,500.00. Following the completion of the purchase, the chief executive officer now directly owns 6,350,539 shares of the company’s stock, valued at $30,038,049.47. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CTO Jeremy Rishel sold 200,000 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $5.47, for a total transaction of $1,094,000.00. Following the transaction, the chief technology officer now owns 101,582 shares of the company’s stock, valued at $555,653.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anthony Noto bought 50,000 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was acquired at an average cost of $4.73 per share, for a total transaction of $236,500.00. Following the acquisition, the chief executive officer now directly owns 6,350,539 shares of the company’s stock, valued at $30,038,049.47. The disclosure for this purchase can be found here. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC acquired a new stake in SoFi Technologies during the 4th quarter valued at $83,643,000. Norges Bank acquired a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $44,799,000. State Street Corp increased its holdings in shares of SoFi Technologies by 76.6% during the second quarter. State Street Corp now owns 11,686,894 shares of the company’s stock worth $61,590,000 after buying an additional 5,068,034 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of SoFi Technologies by 7.8% during the third quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company’s stock valued at $326,027,000 after purchasing an additional 4,846,633 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in SoFi Technologies by 35,197.2% in the third quarter. Point72 Asset Management L.P. now owns 3,509,722 shares of the company’s stock valued at $17,127,000 after acquiring an additional 3,519,722 shares during the last quarter. Institutional investors and hedge funds own 34.32% of the company’s stock.

SoFi Technologies Trading Up 4.1 %

The company’s fifty day simple moving average is $5.98 and its two-hundred day simple moving average is $5.75. The company has a quick ratio of 0.31, a current ratio of 1.80 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of -30.77 and a beta of 1.65.

SoFi Technologies (NASDAQ:SOFI – Get Rating) last issued its quarterly earnings results on Monday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. SoFi Technologies had a negative net margin of 13.72% and a negative return on equity of 4.70%. The firm had revenue of $460.20 million for the quarter, compared to analyst estimates of $436.78 million. During the same period in the previous year, the business earned ($0.14) EPS. The company’s revenue was up 43.1% compared to the same quarter last year. Research analysts forecast that SoFi Technologies, Inc. will post -0.18 earnings per share for the current fiscal year.

SoFi Technologies Company Profile

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SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

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