Insider Buying: Director of SoFi Technologies, Inc. (NASDAQ: SOFI) buys 15,000 shares
SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) Director Harvey M. Schwartz purchased 15,000 shares of the company in a transaction that took place on Friday, May 13. The shares were acquired at an average price of $6.50 per share, for a total transaction of $97,500.00. Following the completion of the purchase, the administrator now owns 229,852 shares of the company, valued at $1,494,038. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this link.
SOFI traded at $0.09 during Tuesday trading hours, reaching $7.00. The company’s stock had a trading volume of 1,958,234 shares, compared to its average volume of 55,416,064. SoFi Technologies, Inc. has a fifty-two-week low of $4.82 and a 24-week high. $.95 over fifty-two weeks. The stock has a market capitalization of $5.80 billion, a PE ratio of -8.43 and a beta of 0.91. The company’s 50-day moving average is $7.85 and its 200-day moving average is $12.56. The company has a debt ratio of 0.94, a current ratio of 5.60 and a quick ratio of 5.60.
Sofi Technologies (NASDAQ: SOFI – Get a rating) last released its quarterly earnings data on Tuesday, May 10. The company reported ($0.14) EPS for the quarter, meeting analyst consensus estimates of ($0.14). SoFi Technologies posted a negative return on equity of 9.24% and a negative net margin of 36.32%. The company posted revenue of $321.70 million for the quarter, compared to $283.99 million expected by analysts. SoFi Technologies quarterly revenue increased 48.9% compared to the same quarter last year. Analysts expect SoFi Technologies, Inc. to post -0.42 EPS for the current year.
A number of analysts have commented on SOFI shares. Piper Sandler upgraded SoFi Technologies from a “neutral” rating to an “overweight” rating and lowered its price target for the stock from $12.00 to $10.00 in a research report on Monday. Citigroup lowered its price target on SoFi Technologies from $17.00 to $11.00 in a Thursday, May 12 report. Wedbush lowered its price target on SoFi Technologies from $20.00 to $15.00 in a Thursday, April 7 report. Zacks Investment Research downgraded SoFi Technologies from a “hold” rating to a “sell” rating in a Wednesday, May 4 research note. Finally, Credit Suisse Group cut its price target on SoFi Technologies from $15.50 to $9.50 in a Wednesday, May 11 research note. One equity research analyst gave the stock a sell rating, five gave the stock a hold rating and seven gave the stock a buy rating. According to MarketBeat, SoFi Technologies currently has an average rating of “Hold” and a consensus target price of $14.04.
A number of large investors have recently increased or reduced their stake in SOFI. Morgan Stanley acquired a new position in SoFi Technologies during the second quarter worth $23,736,000. Deutsche Bank AG acquired a new stake in shares of SoFi Technologies in the third quarter worth $2,022,000. PNC Financial Services Group Inc. increased its stake in SoFi Technologies shares by 17.1% in the third quarter. PNC Financial Services Group Inc. now owns 11,748 shares of the company valued at $185,000 after acquiring 1,715 additional shares in the last quarter. Truist Financial Corp acquired a new stake in shares of SoFi Technologies in the third quarter worth $775,000. Finally, BlackRock Inc. increased its stake in SoFi Technologies shares to 47,019.8% in the third quarter. BlackRock Inc. now owns 13,624,205 shares of the company valued at $216,352,000 after acquiring an additional 13,595,291 shares in the last quarter. Institutional investors hold 56.45% of the company’s shares.
About SoFi Technologies (Get a rating)
SoFi Technologies, Inc provides digital financial services. It operates through three segments: lending, technology platform and financial services. The society’s lending and financial services and products allow its members to borrow, save, spend, invest and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.
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