SoFi Technologies, Inc. (NASDAQ:SOFI) Receives Average “Moderate Buy” Recommendation From Brokerages

SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) received a consensus “moderate buy” rating from the thirteen brokerages that currently cover the stock, MarketBeat reports. Three equity research analysts rated the stock with a hold rating and five issued a buy rating on the company. The 12-month average price target among analysts who updated their coverage of the stock in the last year is $14.04.

SOFI has been the subject of a number of recent analyst reports. Morgan Stanley downgraded SoFi Technologies from an “overweight” rating to an “equal weight” rating and lowered its price target for the stock from $18.00 to $10.00 in a Wednesday, March 16 research report . Mizuho cut its target price on SoFi Technologies from $14.00 to $9.00 and gave the stock a “na” rating in a Tuesday, May 17 research note. Moffett Nathanson threw coverage on SoFi Technologies in a research note on Tuesday, April 5. They issued a “buy” rating and a target price of $13.00 on the stock. Credit Suisse Group cut its price target on SoFi Technologies from $15.50 to $9.50 in a research report on Wednesday, May 11. Finally, Wedbush lowered its price target on SoFi Technologies shares from $20.00 to $15.00 in a Thursday, April 7 report.

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In other news, CEO Antoine Noto acquired 37,056 SoFi Technologies shares in a transaction on Tuesday, May 24. The shares were purchased at an average cost of $6.72 per share, with a total value of $249,016.32. As a result of the transaction, the CEO now directly owns 3,276,895 shares of the company, valued at approximately $22,020,734.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Additionally, director Harvey M. Schwartz acquired 15,000 shares of SoFi Technologies in a transaction that took place on 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 completion of the transaction, 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 90 days. Company insiders hold 13.00% of the company’s shares.

Major investors have recently changed their stake in the company. Patriot Financial Group Insurance Agency LLC increased its position in SoFi Technologies shares by 119.4% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,975 shares of the company worth $31,000 after acquiring 1,075 additional shares during the period. 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 worth $37,000 after acquiring an additional 1,041 shares during the period. 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 worth $37,000 after acquiring an additional 1,470 shares during the period. Finally, WASHINGTON TRUST Co bought a new position in SoFi Technologies stock during the first quarter worth about $26,000. 56.45% of the shares are currently held by institutional investors and hedge funds.

Shares of SoFi Technologies opened at $5.78 on Friday. The company has a market capitalization of $5.29 billion, a PE ratio of -7.05 and a beta of 0.84. SoFi Technologies has a 52-week low of $4.82 and a 52-week high of $24.65. The company has a 50-day moving average price of $6.56 and a 200-day moving average price of $10.04. The company has a quick ratio of 5.60, a current ratio of 5.60 and a leverage ratio of 0.94.

SoFi Technologies (NASDAQ: SOFI – Get a rating) last released its quarterly results 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 in the quarter, versus a consensus estimate of $283.99 million. SoFi Technologies revenue increased 48.9% compared to the same quarter last year. As a group, research analysts expect SoFi Technologies to post -0.45 EPS for the current year.

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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Analyst Recommendations for SoFi Technologies (NASDAQ: SOFI)

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