SoFi Technologies (NASDAQ:SOFI) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of SoFi Technologies (NASDAQ:SOFI) in a report released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $10.00 price target on the stock.

A number of other research analysts also recently commented on the stock. Keefe, Bruyette & Woods cut their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a market perform rating on the stock in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft cut their target price on shares of SoFi Technologies from $12.00 to $11.00 and set a hold rating on the stock in a research report on Tuesday, April 30th. Citigroup began coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a buy rating and a $11.00 target price on the stock. BTIG Research began coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They issued a neutral rating on the stock. Finally, Wedbush reaffirmed an underperform rating and issued a $3.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $9.20.

SoFi Technologies Trading Down 7.1 %

Shares of SOFI opened at $6.65 on Wednesday. SoFi Technologies has a 1-year low of $6.15 and a 1-year high of $10.49. The company has a 50-day moving average of $6.88 and a 200 day moving average of $7.34. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of -21.45, a PEG ratio of 1.45 and a beta of 1.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The company had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) EPS. On average, research analysts expect that SoFi Technologies will post 0.1 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CEO Anthony Noto acquired 28,900 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Anthony Noto bought 28,900 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds have recently modified their holdings of the business. Hudock Inc. acquired a new stake in SoFi Technologies during the second quarter worth about $612,000. Founders Financial Securities LLC increased its position in SoFi Technologies by 8.0% during the second quarter. Founders Financial Securities LLC now owns 27,060 shares of the company’s stock worth $179,000 after purchasing an additional 2,000 shares during the last quarter. Rhumbline Advisers increased its position in SoFi Technologies by 5.7% during the second quarter. Rhumbline Advisers now owns 979,183 shares of the company’s stock worth $6,472,000 after purchasing an additional 53,124 shares during the last quarter. CIBC Asset Management Inc increased its position in SoFi Technologies by 29.6% during the second quarter. CIBC Asset Management Inc now owns 27,447 shares of the company’s stock worth $181,000 after purchasing an additional 6,269 shares during the last quarter. Finally, Aptus Capital Advisors LLC increased its position in SoFi Technologies by 3.1% during the second quarter. Aptus Capital Advisors LLC now owns 258,565 shares of the company’s stock worth $1,709,000 after purchasing an additional 7,740 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.