SoFi Technologies (NASDAQ:SOFI) Stock Price Up 3.6% Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares rose 3.6% during trading on Thursday after Mizuho raised their price target on the stock from $26.00 to $31.00. Mizuho currently has an outperform rating on the stock. SoFi Technologies traded as high as $28.58 and last traded at $28.11. Approximately 70,931,777 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 61,380,891 shares. The stock had previously closed at $27.14.

Several other analysts have also issued reports on the company. TD Cowen initiated coverage on SoFi Technologies in a report on Friday, July 11th. They set a “hold” rating and a $21.00 price target for the company. JMP Securities reissued a “market perform” rating and set a $17.00 price target on shares of SoFi Technologies in a report on Monday, July 14th. Morgan Stanley reissued an “underweight” rating and set a $13.00 price target (up previously from $11.00) on shares of SoFi Technologies in a report on Wednesday, July 30th. Truist Financial set a $23.00 price objective on SoFi Technologies in a research report on Monday, August 4th. Finally, Cowen began coverage on SoFi Technologies in a research report on Friday, July 11th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.88.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 10,578 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $22.13, for a total transaction of $234,091.14. Following the sale, the executive vice president directly owned 234,622 shares of the company’s stock, valued at $5,192,184.86. The trade was a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SOFI. Norges Bank bought a new position in shares of SoFi Technologies during the second quarter valued at approximately $164,068,000. Quadrature Capital Ltd bought a new position in shares of SoFi Technologies during the second quarter valued at approximately $115,188,000. Nuveen LLC bought a new position in shares of SoFi Technologies during the first quarter valued at approximately $47,616,000. Marshall Wace LLP grew its stake in shares of SoFi Technologies by 88.2% during the second quarter. Marshall Wace LLP now owns 7,997,146 shares of the company’s stock valued at $145,628,000 after buying an additional 3,748,817 shares during the last quarter. Finally, Mizuho Markets Cayman LP bought a new position in SoFi Technologies in the second quarter worth approximately $45,525,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Performance

The company has a market cap of $33.66 billion, a P/E ratio of 58.56, a PEG ratio of 3.22 and a beta of 1.93. The firm has a 50 day moving average of $23.65 and a 200-day moving average of $16.98. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%.The company had revenue of $519.37 million for the quarter, compared to analysts’ expectations of $801.94 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. SoFi Technologies’s revenue was up 42.8% compared to the same quarter last year. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. As a group, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

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.