SoFi Technologies (NASDAQ:SOFI) Trading 2.7% Higher After Insider Buying Activity

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 2.7% during mid-day trading on Monday following insider buying activity. The company traded as high as $7.27 and last traded at $7.15. 25,527,049 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 53,993,969 shares. The stock had previously closed at $6.96.

Specifically, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the sale, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Anthony Noto purchased 28,775 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the purchase, the chief executive officer now owns 8,033,369 shares in the company, valued at approximately $55,430,246.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SOFI shares. Citigroup assumed coverage on SoFi Technologies in a report on Monday, April 8th. They issued a “buy” rating and a $11.00 target price on the stock. Wedbush reiterated an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft cut their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. The Goldman Sachs Group upped their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Up 2.9 %

The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. The firm has a market cap of $6.99 billion, a PE ratio of -23.03 and a beta of 1.75. The stock has a fifty day simple moving average of $7.51 and a two-hundred day simple moving average of $7.85.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a positive return on equity of 1.13% and a negative net margin of 8.21%. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) EPS. As a group, sell-side analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Institutional Trading of SoFi Technologies

Several hedge funds have recently added to or reduced their stakes in SOFI. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $27,000. ORG Partners LLC purchased a new position in shares of SoFi Technologies in the first quarter worth $27,000. Westside Investment Management Inc. raised its holdings in SoFi Technologies by 93.8% during the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after buying an additional 1,500 shares during the last quarter. SOA Wealth Advisors LLC. grew its holdings in SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock worth $33,000 after acquiring an additional 1,713 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in SoFi Technologies during the 1st quarter valued at about $37,000. 38.43% of the stock is owned by institutional investors.

About SoFi Technologies

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.