SoFi Technologies (NASDAQ:SOFI) Hits New 52-Week High Following Strong Earnings

Posted by on Aug 2nd, 2023

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI – Get Free Report) reached a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $10.68 and last traded at $10.68, with a volume of 16553033 shares. The stock had previously closed at $9.55.

The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $488.80 million during the quarter, compared to the consensus estimate of $473.94 million. SoFi Technologies had a negative return on equity of 3.77% and a negative net margin of 10.38%. The company’s quarterly revenue was up 37.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. BTIG Research cut their price target on SoFi Technologies from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday. Piper Sandler downgraded SoFi Technologies from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.50 to $8.00 in a research note on Friday, June 16th. Oppenheimer downgraded SoFi Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 15th. Truist Financial boosted their target price on SoFi Technologies from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Bank of America boosted their target price on SoFi Technologies from $10.00 to $11.50 in a research note on Tuesday. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and a consensus target price of $8.23.

Insider Transactions at SoFi Technologies

In other news, insider Chad M. Borton sold 90,458 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $8.68, for a total value of $785,175.44. Following the transaction, the insider now owns 229,449 shares of the company’s stock, valued at $1,991,617.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Anthony Noto bought 50,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 6,350,539 shares of the company’s stock, valued at $30,038,049.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Chad M. Borton sold 90,458 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $8.68, for a total transaction of $785,175.44. Following the completion of the transaction, the insider now owns 229,449 shares of the company’s stock, valued at $1,991,617.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 590,458 shares of company stock valued at $4,746,175. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Preferred LLC purchased a new stake in SoFi Technologies during the first quarter valued at about $25,000. Global Retirement Partners LLC boosted its position in SoFi Technologies by 330.3% during the first quarter. Global Retirement Partners LLC now owns 5,435 shares of the company’s stock valued at $26,000 after buying an additional 4,172 shares during the period. Psagot Value Holdings Ltd. Israel boosted its position in SoFi Technologies by 50.0% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 6,000 shares of the company’s stock valued at $28,000 after buying an additional 2,000 shares during the period. US Bancorp DE boosted its position in SoFi Technologies by 197.0% during the first quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $28,000 after buying an additional 2,000 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in SoFi Technologies during the first quarter valued at about $35,000. 32.73% of the stock is currently owned by hedge funds and other institutional investors.

SoFi Technologies Stock Down 9.6 %

The firm’s 50-day simple moving average is $8.45 and its 200-day simple moving average is $6.84. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.31 and a current ratio of 1.80.

SoFi Technologies Company Profile

(Get Free Report)

SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.

Read More

Receive News & Ratings for SoFi Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SoFi Technologies and related companies with MarketBeat.com's FREE daily email newsletter.