SoFi Technologies (NASDAQ:SOFI) Stock Price Up 5.5% Following Strong Earnings

SoFi Technologies, Inc. (NASDAQ:SOFI) shares rose 5.5% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $31.98 and last traded at $31.66. Approximately 181,841,823 shares changed hands during mid-day trading, an increase of 188% from the average daily volume of 63,105,105 shares. The stock had previously closed at $30.00.

The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. The company had revenue of $949.63 million during the quarter, compared to analyst estimates of $880.33 million. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%.SoFi Technologies’s quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 earnings per share. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Barclays upped their target price on SoFi Technologies from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, July 30th. Citizens Jmp lowered SoFi Technologies from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 14th. Rothschild & Co Redburn assumed coverage on SoFi Technologies in a report on Friday, August 1st. They issued a “neutral” rating and a $20.50 target price for the company. 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 for the company. Finally, Mizuho upped their target price on SoFi Technologies from $26.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.47.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 10,578 shares of the stock in a transaction 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 completion of the transaction, the executive vice president directly owned 234,622 shares of the company’s stock, valued at approximately $5,192,184.86. This represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jeremy Rishel sold 98,733 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $27.50, for a total value of $2,715,157.50. Following the completion of the transaction, the chief technology officer directly owned 759,553 shares of the company’s stock, valued at $20,887,707.50. The trade was a 11.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 129,383 shares of company stock valued at $3,513,171. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of large investors have recently made changes to their positions in the stock. Evergreen Capital Management LLC bought a new position in shares of SoFi Technologies in the third quarter worth $263,000. Ritholtz Wealth Management bought a new position in shares of SoFi Technologies in the third quarter worth $761,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new position in shares of SoFi Technologies in the third quarter worth $7,025,000. Rakuten Securities Inc. boosted its holdings in shares of SoFi Technologies by 137.2% in the third quarter. Rakuten Securities Inc. now owns 866,496 shares of the company’s stock worth $22,893,000 after acquiring an additional 501,249 shares during the period. Finally, True Vision MN LLC bought a new position in shares of SoFi Technologies in the third quarter worth $301,000. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Stock Up 5.5%

The stock has a fifty day moving average price of $26.92 and a 200 day moving average price of $20.19. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.80 and a quick ratio of 0.14. The stock has a market capitalization of $37.91 billion, a P/E ratio of 65.96, a price-to-earnings-growth ratio of 3.54 and a beta of 1.92.

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.