SoFi Technologies (NASDAQ:SOFI) Upgraded at Zacks Investment Research

SoFi Technologies (NASDAQ:SOFI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “SoFi Technologies Inc. provides consumer-focused financial technology platform. SoFi Technologies Inc., formerly known as Social Capital Hedosophia Holdings Corp. V, is based in PALO ALTO, Calif. “

A number of other brokerages also recently issued reports on SOFI. Jefferies Financial Group assumed coverage on SoFi Technologies in a report on Wednesday, September 22nd. They set a “buy” rating and a $25.00 price target on the stock. Morgan Stanley assumed coverage on SoFi Technologies in a report on Monday. They set an “overweight” rating and a $25.00 price target on the stock. Mizuho assumed coverage on SoFi Technologies in a report on Tuesday, September 14th. They set a “buy” rating and a $28.00 price target on the stock. Finally, Credit Suisse Group assumed coverage on SoFi Technologies in a report on Thursday, September 9th. They set a “neutral” rating and a $16.50 price target on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $24.92.

SOFI opened at $18.92 on Thursday. The business has a 50-day moving average of $15.74. The company has a current ratio of 17.29, a quick ratio of 17.29 and a debt-to-equity ratio of 0.55. SoFi Technologies has a 12 month low of $10.10 and a 12 month high of $28.26.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Thursday, August 12th. The company reported ($0.48) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.41). The firm had revenue of $231.27 million during the quarter, compared to analysts’ expectations of $212.00 million. On average, analysts predict that SoFi Technologies will post -0.84 earnings per share for the current year.

In other news, Vice Chairman Thomas Clayton Wilkes sold 1,119,413 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $15.16, for a total value of $16,970,301.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Micah Heavener sold 6,250 shares of the business’s stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the insider now directly owns 90,162 shares in the company, valued at $1,442,592. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 24,950 shares of company stock worth $349,513 and have sold 1,145,663 shares worth $17,366,901. 35.10% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Mine & Arao Wealth Creation & Management LLC. bought a new stake in shares of SoFi Technologies in the 2nd quarter worth approximately $27,000. Baldwin Brothers Inc. MA bought a new stake in shares of SoFi Technologies in the 2nd quarter worth approximately $29,000. Wagner Wealth Management LLC bought a new stake in shares of SoFi Technologies in the 2nd quarter worth approximately $38,000. Cypress Capital LLC bought a new stake in shares of SoFi Technologies in the 2nd quarter worth approximately $40,000. Finally, Pacitti Group Inc. bought a new stake in shares of SoFi Technologies in the 2nd quarter worth approximately $45,000. 25.00% of the stock is currently owned by hedge funds and other institutional investors.

About SoFi Technologies

SoFi Technologies, Inc provides digital financial services. The company operates through three reportable segments: Lending, Financial Services, and Technology Platform. Its financial services allow its members to borrow, save, spend, invest, and protect their money. The company offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

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