SoFi Technologies (NASDAQ:SOFI) Hits New 52-Week High Following Analyst Upgrade

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) reached a new 52-week high during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $25.00 to $29.00. Needham & Company LLC currently has a buy rating on the stock. SoFi Technologies traded as high as $26.86 and last traded at $25.96, with a volume of 17053014 shares. The stock had previously closed at $25.97.

A number of other research firms also recently issued reports on SOFI. Citigroup raised their price target on SoFi Technologies from $18.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. TD Cowen assumed coverage on SoFi Technologies in a report on Friday, July 11th. They issued a “hold” rating and a $21.00 target price on the stock. Stephens assumed coverage on SoFi Technologies in a report on Thursday, June 12th. They issued an “overweight” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. raised their target price on SoFi Technologies from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Finally, Truist Financial set a $23.00 target price on SoFi Technologies in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.59.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 66,847 shares of the firm’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the sale, the chief technology officer directly owned 724,321 shares of the company’s stock, valued at $11,263,191.55. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelli Keough sold 10,578 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $22.13, for a total value of $234,091.14. Following the sale, the executive vice president directly owned 234,622 shares in the company, valued at approximately $5,192,184.86. This represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,959 shares of company stock worth $1,653,646. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in SoFi Technologies by 1.1% during the first quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company’s stock valued at $1,156,805,000 after acquiring an additional 1,130,250 shares during the period. CMG Global Holdings LLC grew its position in shares of SoFi Technologies by 77.8% during the first quarter. CMG Global Holdings LLC now owns 140,389 shares of the company’s stock valued at $1,728,000 after purchasing an additional 61,443 shares in the last quarter. Nicholas Wealth LLC. purchased a new position in shares of SoFi Technologies during the first quarter valued at about $993,000. Quantitative Investment Management LLC purchased a new position in shares of SoFi Technologies during the first quarter valued at about $2,862,000. Finally, Sierra Summit Advisors LLC purchased a new position in shares of SoFi Technologies during the first quarter valued at about $9,715,000. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Trading Down 1.7%

The stock has a market cap of $30.56 billion, a PE ratio of 53.17, a price-to-earnings-growth ratio of 3.08 and a beta of 1.93. The stock has a 50-day moving average price of $22.74 and a two-hundred day moving average price of $16.44. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.80 and a quick ratio of 0.14.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $519.37 million during the quarter, compared to analyst estimates of $801.94 million. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%.The business’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.01 earnings per share. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. Sell-side analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

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.