Morgan Stanley Raises SoFi Technologies (NASDAQ:SOFI) Price Target to $7.50 – MarketBeat
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SoFi Technologies (NASDAQ:SOFI – Get Rating) had its price target lifted by investment analysts at Morgan Stanley from $7.00 to $7.50 in a report released on Thursday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 16.28% from the stock’s previous close.
A number of other research analysts also recently issued reports on SOFI. Citigroup cut their price target on SoFi Technologies from $17.00 to $11.00 in a report on Thursday, May 12th. Credit Suisse Group boosted their target price on SoFi Technologies from $8.00 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Mizuho boosted their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Bank of America dropped their target price on SoFi Technologies from $12.00 to $7.00 in a research note on Tuesday, May 10th. Finally, Piper Sandler dropped their target price on SoFi Technologies from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 29th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.54.
SoFi Technologies Trading Up 4.5 %
Shares of NASDAQ SOFI opened at $6.45 on Thursday. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.72. The business has a fifty day simple moving average of $6.44 and a two-hundred day simple moving average of $7.75. The firm has a market cap of $5.91 billion, a PE ratio of -14.02 and a beta of 1.53. SoFi Technologies has a twelve month low of $4.82 and a twelve month high of $24.65.
SoFi Technologies (NASDAQ:SOFI – Get Rating) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $362.53 million during the quarter, compared to analyst estimates of $346.39 million. SoFi Technologies had a negative return on equity of 7.30% and a negative net margin of 27.19%. Analysts expect that SoFi Technologies will post -0.45 earnings per share for the current fiscal year.
Insider Activity
In other SoFi Technologies news, CEO Anthony Noto purchased 16,907 shares of SoFi Technologies stock in a transaction that occurred on Wednesday, June 8th. The stock was bought at an average price of $6.65 per share, with a total value of $112,431.55. Following the acquisition, the chief executive officer now owns 3,385,921 shares of the company’s stock, valued at approximately $22,516,374.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Group Corp Softbank sold 5,381,785 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $7.99, for a total value of $43,000,462.15. Following the completion of the transaction, the insider now owns 89,900,110 shares of the company’s stock, valued at approximately $718,301,878.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anthony Noto bought 16,907 shares of SoFi Technologies stock in a transaction on Wednesday, June 8th. The shares were purchased at an average cost of $6.65 per share, with a total value of $112,431.55. Following the acquisition, the chief executive officer now directly owns 3,385,921 shares of the company’s stock, valued at $22,516,374.65. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 192,197 shares of company stock valued at $1,110,030 and sold 12,114,918 shares valued at $97,875,659. Insiders own 13.00% of the company’s stock.
Hedge Funds Weigh In On SoFi Technologies
A number of hedge funds have recently made changes to their positions in the company. Riverwood Capital Management Ltd. acquired a new position in shares of SoFi Technologies during the first quarter valued at approximately $207,873,000. DCM International VI Ltd. purchased a new stake in shares of SoFi Technologies in the fourth quarter valued at approximately $185,092,000. State Street Corp grew its position in SoFi Technologies by 76.6% in the second quarter. State Street Corp now owns 11,686,894 shares of the company’s stock worth $61,590,000 after acquiring an additional 5,068,034 shares during the period. Geode Capital Management LLC grew its position in SoFi Technologies by 12.0% in the fourth quarter. Geode Capital Management LLC now owns 6,031,801 shares of the company’s stock worth $95,207,000 after acquiring an additional 647,121 shares during the period. Finally, Credit Suisse AG grew its position in SoFi Technologies by 65.3% in the second quarter. Credit Suisse AG now owns 3,384,847 shares of the company’s stock worth $17,840,000 after acquiring an additional 1,336,754 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.
About SoFi Technologies
(Get Rating)
SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows 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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