SoFi Technologies (NASDAQ:SOFI) Shares Up 14.2% on Earnings Beat

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price traded up 14.2% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $25.11 and last traded at $24.01. 112,900,166 shares were traded during trading, an increase of 93% from the average session volume of 58,394,707 shares. 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. The company had revenue of $519.37 million during the quarter, compared to analysts’ expectations of $801.94 million. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.51%. The firm’s revenue was up 42.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SOFI shares. Needham & Company LLC lifted their price target on SoFi Technologies from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial upped their price target on shares of SoFi Technologies from $14.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, July 17th. Morgan Stanley raised their price target on shares of SoFi Technologies from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Wednesday. Cowen assumed coverage on shares of SoFi Technologies in a research report on Friday, July 11th. They issued a “hold” rating on the stock. Finally, Keefe, Bruyette & Woods increased their target price on shares of SoFi Technologies from $9.00 to $13.00 and gave the stock an “underperform” rating in a report on Thursday, July 10th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.28.

Insider Activity at SoFi Technologies

In other news, EVP Kelli Keough sold 10,267 shares of the company’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.80, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the transaction, the chief technology officer directly owned 724,321 shares of the company’s stock, valued at approximately $11,263,191.55. This trade represents a 8.45% 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 worth $4,043,240 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of SoFi Technologies

Several institutional investors have recently bought and sold shares of the company. Hazlett Burt & Watson Inc. raised its stake in shares of SoFi Technologies by 2,200.0% in the first quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company’s stock worth $27,000 after purchasing an additional 2,200 shares during the last quarter. Headlands Technologies LLC purchased a new position in SoFi Technologies in the 1st quarter worth about $28,000. SVB Wealth LLC bought a new position in SoFi Technologies during the 1st quarter valued at about $28,000. Garde Capital Inc. bought a new position in SoFi Technologies during the first quarter valued at approximately $31,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in SoFi Technologies in the fourth quarter worth approximately $32,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Stock Performance

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 firm has a market cap of $24.17 billion, a P/E ratio of 45.56, a P/E/G ratio of 3.60 and a beta of 1.91. The business’s 50-day simple moving average is $17.24 and its 200 day simple moving average is $14.77.

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.