SoFi Technologies (NASDAQ: SOFI – Get a review) had its price target reduced by Piper Sandler investment analysts from $10.00 to $8.00 in a research report released Wednesday to clients and investors, reports The Fly. Piper Sandler’s target price would indicate a potential upside of 43.88% from the stock’s previous close.
A number of other brokerages have also recently released reports on SOFI. Moffett Nathanson began coverage of SoFi Technologies in a report on Tuesday, April 5. They set a “buy” rating and a price target of $13.00 on the stock. Bank of America cut its price target on SoFi Technologies from $12.00 to $7.00 in a Tuesday, May 10 report. Morgan Stanley downgraded SoFi Technologies from an “overweight” rating to an “equal weight” rating and reduced its target price for the stock from $18.00 to $10.00 in a Wednesday, March 16 report. Citigroup reduced its target price on SoFi Technologies from $17.00 to $11.00 in a Thursday, May 12 report. Finally, Mizuho cut its price target on SoFi Technologies from $14.00 to $9.00 and gave the stock a “na” rating in a Tuesday, May 17 report. Five equity research analysts gave the stock a hold rating and seven gave the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.88.
The NASDAQ SOFI opened Wednesday at $5.56. SoFi Technologies has a 1-year low of $4.82 and a 1-year high of $24.65. The company has a current ratio of 5.60, a quick ratio of 5.60 and a debt ratio of 0.94. The stock has a 50-day moving average of $6.48 and a 200-day moving average of $9.79. The company has a market capitalization of $5.09 billion, a PE ratio of -6.78 and a beta of 0.84.
SoFi Technologies (NASDAQ:SOFI – Get Rating) last reported results on Tuesday, May 10. The company reported ($0.14) earnings per share 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 in the quarter, versus analyst estimates of $283.99 million. The company’s revenue for the quarter increased 48.9% year over year. As a group, equity research analysts expect SoFi Technologies to post -0.45 earnings per share for the current fiscal year.
In other news, CEO Anthony Noto purchased 53,540 shares in a trade dated Thursday, June 16. The shares were purchased at an average cost of $5.58 per share, with a total value of $298,753.20. Following the acquisition, the CEO now directly owns 3,567,041 shares of the company, valued at $19,904,088.78. The acquisition was disclosed in a legal filing with the SEC, accessible via this link. Additionally, director Harvey M. Schwartz purchased 15,000 shares in a trade dated Friday, May 13. The shares were purchased at an average cost of $6.50 per share, for a total transaction of $97,500.00. Following the completion of the acquisition, the administrator now directly owns 229,852 shares of the company, valued at $1,494,038. Disclosure of this purchase can be found here. Insiders purchased a total of 257,753 shares of the company worth $1,561,711 over the past three months. Insiders hold 13.00% of the shares of the company.
Hedge funds have recently changed their stakes in the company. Patriot Financial Group Insurance Agency LLC increased its stake in SoFi Technologies by 119.4% in Q3. Patriot Financial Group Insurance Agency LLC now owns 1,975 shares of the company worth $31,000 after purchasing an additional 1,075 shares in the last quarter. Amplius Wealth Advisors LLC bought a new stock position in SoFi Technologies during the fourth quarter worth approximately $31,000. TimeScale Financial Inc. increased its position in SoFi Technologies shares by 81.5% during the fourth quarter. TimeScale Financial Inc. now owns 2,319 shares of the company valued at $37,000 after buying an additional 1,041 shares in the last quarter. AdvisorNet Financial Inc. increased its position in SoFi Technologies shares by 163.3% during the fourth quarter. AdvisorNet Financial Inc now owns 2,370 shares of the company valued at $37,000 after buying an additional 1,470 shares in the last quarter. Finally, WASHINGTON TRUST Co bought a new position in SoFi Technologies stock during the first quarter worth about $26,000. Institutional investors and hedge funds hold 56.45% of the company’s shares.
SoFi Technologies Company Profile (Get an evaluation)
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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