Barclays Begins Coverage on SoFi Technologies (NASDAQ:SOFI)

Barclays started coverage on shares of SoFi Technologies (NASDAQ:SOFI) in a report released on Wednesday, MarketBeat.com reports. The brokerage issued an equal weight rating and a $8.00 price objective on the stock.

Several other research firms have also issued reports on SOFI. Piper Sandler upped their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock a neutral rating in a research report on Friday, August 18th. JPMorgan Chase & Co. upped their price target on shares of SoFi Technologies from $8.00 to $10.00 and gave the stock a neutral rating in a research report on Tuesday, August 22nd. Stephens started coverage on shares of SoFi Technologies in a research report on Monday, July 24th. They issued an equal weight rating and a $7.00 price objective on the stock. UBS Group started coverage on shares of SoFi Technologies in a research report on Friday, October 20th. They issued a neutral rating and a $7.00 price objective on the stock. Finally, Truist Financial dropped their price objective on shares of SoFi Technologies from $16.00 to $14.00 and set a buy rating on the stock in a research report on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $8.84.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $6.83 on Wednesday. The company’s fifty day simple moving average is $7.77 and its 200-day simple moving average is $7.89. The company has a quick ratio of 0.23, a current ratio of 1.52 and a debt-to-equity ratio of 1.24. The firm has a market cap of $6.49 billion, a PE ratio of -15.18 and a beta of 1.88. SoFi Technologies has a 12 month low of $4.24 and a 12 month high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Monday, October 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.05. SoFi Technologies had a negative net margin of 20.31% and a negative return on equity of 2.92%. The firm had revenue of $564.20 million for the quarter, compared to analyst estimates of $511.30 million. During the same period in the prior year, the firm posted ($0.09) earnings per share. The company’s quarterly revenue was up 34.6% compared to the same quarter last year. Equities research analysts expect that SoFi Technologies will post -0.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Christopher Lapointe acquired 14,950 shares of SoFi Technologies stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $6.69 per share, for a total transaction of $100,015.50. Following the completion of the purchase, the chief financial officer now directly owns 827,068 shares of the company’s stock, valued at approximately $5,533,084.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Anthony Noto acquired 44,000 shares of SoFi Technologies stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $6.78 per share, for a total transaction of $298,320.00. Following the completion of the purchase, the chief executive officer now directly owns 7,239,289 shares of the company’s stock, valued at approximately $49,082,379.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Christopher Lapointe purchased 14,950 shares of SoFi Technologies stock in a transaction dated Thursday, November 9th. The stock was bought at an average price of $6.69 per share, for a total transaction of $100,015.50. Following the completion of the purchase, the chief financial officer now owns 827,068 shares in the company, valued at approximately $5,533,084.92. The disclosure for this purchase can be found here. Insiders have sold 341,405 shares of company stock worth $2,719,778 over the last ninety days. Corporate insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds have recently made changes to their positions in SOFI. Moneta Group Investment Advisors LLC acquired a new stake in shares of SoFi Technologies in the 4th quarter valued at approximately $83,643,000. Norges Bank bought a new position in SoFi Technologies in the 4th quarter valued at approximately $44,799,000. State Street Corp raised its holdings in SoFi Technologies by 76.6% in the 2nd quarter. State Street Corp now owns 11,686,894 shares of the company’s stock valued at $61,590,000 after buying an additional 5,068,034 shares during the last quarter. Vanguard Group Inc. raised its holdings in SoFi Technologies by 7.8% in the 3rd quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company’s stock valued at $326,027,000 after buying an additional 4,846,633 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in SoFi Technologies in the 2nd quarter valued at approximately $25,195,000. 37.13% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

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.