SoFi Technologies (NASDAQ:SOFI) Sets New 52-Week High Following Earnings Beat

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $25.11 and last traded at $24.20, with a volume of 67070678 shares changing hands. The stock had previously closed at $21.02.

The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.51%. The firm had revenue of $519.37 million during the quarter, compared to the consensus estimate of $801.94 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The company’s revenue for the quarter was up 42.8% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SOFI shares. UBS Group lifted their price objective on SoFi Technologies from $14.00 to $15.50 and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Morgan Stanley lifted their price objective on SoFi Technologies from $11.00 to $13.00 and gave the company an “underweight” rating in a research report on Wednesday. Citizens Jmp cut SoFi Technologies from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 14th. Barclays lifted their price objective on SoFi Technologies from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Truist Financial lifted their price objective on SoFi Technologies from $14.00 to $20.00 and gave the company a “hold” rating in a research report on Thursday, July 17th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and an average price target of $17.28.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 10,267 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.80, for a total transaction of $223,820.60. Following the sale, the executive vice president directly owned 245,200 shares of the company’s stock, valued at $5,345,360. This represents a 4.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Magdalena Yesil sold 87,140 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total value of $1,253,944.60. Following the sale, the director directly owned 289,258 shares in the company, valued at $4,162,422.62. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 273,181 shares of company stock valued at $4,043,240 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently modified their holdings of the stock. Hazlett Burt & Watson Inc. lifted its holdings in shares of SoFi Technologies by 2,200.0% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company’s stock worth $27,000 after buying an additional 2,200 shares during the period. Headlands Technologies LLC purchased a new stake in shares of SoFi Technologies in the 1st quarter worth $28,000. SVB Wealth LLC purchased a new stake in shares of SoFi Technologies in the 1st quarter worth $28,000. Garde Capital Inc. purchased a new stake in shares of SoFi Technologies in the 1st quarter worth $31,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in shares of SoFi Technologies in the 4th quarter worth $32,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Down 2.4%

The firm has a market capitalization of $24.17 billion, a PE ratio of 45.56, a PEG ratio of 3.60 and a beta of 1.91. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.80. The company has a fifty day simple moving average of $17.24 and a two-hundred day simple moving average of $14.77.

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.