Truist Financial Forecasts Strong Price Appreciation for SoFi Technologies (NASDAQ:SOFI) Stock

SoFi Technologies (NASDAQ:SOFI) had its price target lifted by investment analysts at Truist Financial from $16.00 to $17.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial‘s price target indicates a potential upside of 1.77% from the company’s current price.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company restated a “negative” rating on shares of SoFi Technologies in a research report on Wednesday, October 28th. Piper Sandler began coverage on SoFi Technologies in a report on Monday, August 17th. They issued an “overweight” rating and a $22.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $24.00 price objective on shares of SoFi Technologies in a research report on Wednesday, October 28th. Loop Capital assumed coverage on SoFi Technologies in a research note on Tuesday, September 8th. They set a “hold” rating and a $22.00 price objective for the company. Finally, Keefe, Bruyette & Woods increased their target price on SoFi Technologies from $15.00 to $16.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $21.27.

SoFi Technologies Stock Performance

SOFI traded up $0.10 during trading hours on Tuesday, hitting $16.70. 17,819,585 shares of the stock were exchanged, compared to its average volume of 63,693,711. The stock has a market cap of $21.57 billion, a price-to-earnings ratio of 30.41, a price-to-earnings-growth ratio of 0.99 and a beta of 2.33. The stock has a 50-day simple moving average of $16.53 and a 200-day simple moving average of $17.84. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10. SoFi Technologies has a 12 month low of $13.86 and a 12 month high of $32.73.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. SoFi Technologies had a net margin of 15.60% and a return on equity of 6.89%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The firm’s revenue for the quarter was up 44.4% compared to the same quarter last year. Analysts anticipate that SoFi Technologies will post 0.61 earnings per share for the current year.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 18,624 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $17.50, for a total transaction of $325,920.00. Following the sale, the chief technology officer owned 912,650 shares of the company’s stock, valued at $15,971,375. The trade was a 2.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 11,286 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $18.00, for a total value of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares of the company’s stock, valued at $6,415,956. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 50,316 shares of company stock valued at $852,605 over the last quarter. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in SoFi Technologies during the second quarter valued at about $1,298,925,000. Bank of America Corp DE acquired a new position in SoFi Technologies during the second quarter worth about $163,808,000. Dimensional Fund Advisors LP raised its position in SoFi Technologies by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 9,106,532 shares of the company’s stock worth $144,539,000 after acquiring an additional 359,785 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SoFi Technologies in the second quarter worth about $93,937,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in SoFi Technologies by 2.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,689,426 shares of the company’s stock worth $90,348,000 after acquiring an additional 156,218 shares in the last quarter. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.

SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.