Needham & Company LLC Reaffirms Buy Rating for SoFi Technologies (NASDAQ:SOFI)

Needham & Company LLC reiterated their buy rating on shares of SoFi Technologies (NASDAQ:SOFI) in a report published on Wednesday, Benzinga reports. They currently have a $10.00 price objective on the stock.

A number of other equities analysts have also commented on SOFI. Barclays reduced their price objective on SoFi Technologies from $10.00 to $8.00 and set an equal weight rating on the stock in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft dropped their target price on SoFi Technologies from $12.00 to $11.00 and set a hold rating for the company in a research report on Tuesday, April 30th. Citigroup began coverage on SoFi Technologies in a research report on Monday, April 8th. They set a buy rating and a $11.00 target price for the company. Keefe, Bruyette & Woods dropped their target price on SoFi Technologies from $7.50 to $7.00 and set a market perform rating for the company in a research report on Tuesday, July 9th. Finally, BTIG Research began coverage on SoFi Technologies in a research report on Friday, June 7th. They set a neutral rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies has an average rating of Hold and an average price target of $9.20.

SoFi Technologies Trading Down 7.1 %

SoFi Technologies stock opened at $6.65 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The business’s fifty day moving average is $6.88 and its two-hundred day moving average is $7.35. SoFi Technologies has a 52 week low of $6.15 and a 52 week high of $10.49.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter. The company had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. On average, equities analysts forecast that SoFi Technologies will post 0.1 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CEO Anthony Noto bought 28,900 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $6.92 per share, with a total value of $199,988.00. Following the completion of the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SoFi Technologies news, CEO Anthony Noto bought 28,900 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $6.92 per share, with a total value of $199,988.00. Following the completion of the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC acquired a new position in shares of SoFi Technologies during the fourth quarter worth about $27,000. ORG Partners LLC acquired a new position in shares of SoFi Technologies during the first quarter worth about $27,000. Tortoise Investment Management LLC acquired a new position in SoFi Technologies during the fourth quarter valued at approximately $39,000. Vermillion & White Wealth Management Group LLC acquired a new position in SoFi Technologies during the fourth quarter valued at approximately $40,000. Finally, Allspring Global Investments Holdings LLC boosted its position in SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares during the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

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.