SoFi Technologies (NASDAQ:SOFI) Shares Up 1.1% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 1.1% during mid-day trading on Friday. The stock traded as high as $16.56 and last traded at $16.21. 43,959,553 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 63,768,320 shares. The stock had previously closed at $16.04.

Trending Headlines about SoFi Technologies

Here are the key news stories impacting SoFi Technologies this week:

• Positive Sentiment: Analyst sentiment has improved: SoFi received a Zacks Rank #2 (Buy), and reports cited an analyst upgrade and potential upside of about 29% based on average price targets. Positive earnings-estimate revisions may also support the outlook. Zacks rating upgrade Analyst price targets
• Positive Sentiment: SoFi’s adjusted net revenue grew 44% in its latest reported quarter, and management raised its full-year guidance. These fundamentals offer support even though the stock has surrendered its post-earnings gains and remains well below its peak. SoFi growth and guidance
• Negative Sentiment: A crypto-led sell-off has weighed on retail-focused fintech shares, including SoFi, as Bitcoin fell and investors retreated from the sector. This broader market pressure may offset company-specific optimism in the near term. Fintech sell-off
• Negative Sentiment: One recent analysis warned that SoFi’s valuation remains steep, a potential risk if growth or earnings expectations disappoint. Valuation analysis

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SOFI shares. Keefe, Bruyette & Woods boosted their target price on shares of SoFi Technologies from $15.00 to $16.00 and gave the stock an “underperform” rating in a report on Wednesday, October 28th. Piper Sandler began coverage on shares of SoFi Technologies in a research note on Monday, August 17th. They set an “overweight” rating and a $22.00 price target for the company. TD Cowen lifted their price target on shares of SoFi Technologies from $17.50 to $18.00 and gave the stock a “hold” rating in a report on Wednesday, October 28th. Bank of America reiterated an “underperform” rating and set a $16.50 price target on shares of SoFi Technologies in a report on Wednesday, October 28th. Finally, UBS Group boosted their price objective on shares of SoFi Technologies from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.27.

SoFi Technologies Stock Up 1.1%

The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10. The company has a market capitalization of $20.94 billion, a P/E ratio of 29.47, a P/E/G ratio of 1.01 and a beta of 2.25. The stock has a 50-day moving average price of $16.35 and a 200-day moving average price of $17.65.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, October 27th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.25 billion. SoFi Technologies had a return on equity of 6.89% and a net margin of 15.60%. The firm’s revenue was up 44.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 earnings per share. On average, research analysts predict that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 18,624 shares of the stock in a transaction on Monday, September 21st. The shares were sold at an average price of $17.50, for a total transaction of $325,920.00. Following the completion of the sale, the chief technology officer directly owned 912,650 shares in the company, valued at $15,971,375. This represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 11,286 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $18.00, for a total transaction of $203,148.00. Following the sale, the executive vice president owned 356,442 shares of the company’s stock, valued at approximately $6,415,956. This trade represents a 3.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 50,316 shares of company stock worth $852,605 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of SoFi Technologies

Large investors have recently bought and sold shares of the business. Diversified Trust Co raised its position in shares of SoFi Technologies by 2.7% in the 3rd quarter. Diversified Trust Co now owns 27,039 shares of the company’s stock worth $425,000 after acquiring an additional 722 shares in the last quarter. Aberdeen Group plc lifted its stake in shares of SoFi Technologies by 91.6% in the 3rd quarter. Aberdeen Group plc now owns 93,699 shares of the company’s stock valued at $1,473,000 after purchasing an additional 44,787 shares during the period. Allworth Financial LP boosted its position in shares of SoFi Technologies by 2.3% during the 3rd quarter. Allworth Financial LP now owns 129,370 shares of the company’s stock valued at $2,034,000 after purchasing an additional 2,969 shares in the last quarter. Eurizon Capital SGR S.p.A. boosted its position in shares of SoFi Technologies by 20.2% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 145,844 shares of the company’s stock valued at $2,295,000 after purchasing an additional 24,530 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of SoFi Technologies by 33.1% during the 3rd quarter. Fifth Third Bancorp now owns 57,488 shares of the company’s stock valued at $904,000 after purchasing an additional 14,297 shares in the last quarter. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings.

Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.

SoFi primarily serves consumers in the United States.