SAN FRANCISCO—Kelli Keough, Executive Vice President at SoFi Technologies, Inc. (NASDAQ:SOFI), has recently sold 9,590 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $14.5562, amounting to a total transaction value of $139,593.
This transaction was executed as part of a Rule 10b5-1 trading plan that Keough adopted on May 21, 2024. The shares were sold on November 20, 2024, across multiple trades with prices ranging from $14.35 to $14.86 per share. Following this sale, Keough retains direct ownership of 142,613 shares in the company.
SoFi Technologies, a prominent player in the finance services sector, is headquartered in San Francisco, California.
In other recent news, SoFi Technologies showcased robust growth in its Q3 2024 earnings call. The fintech firm reported a significant 30% year-over-year increase in adjusted net revenue, which reached $689 million. The financial services segment doubled its revenue to $238 million, while the tech platform saw a 14% rise to $103 million. The lending segment also posted strong performance, recording $6.3 billion in loan volume.
Mizuho (NYSE:MFG) Securities maintained its positive stance on SoFi Technologies, raising its price target on the company's stock to $16.00 from the previous $14.00. This decision stemmed from a more optimistic outlook for SoFi's financial performance and market position. The firm's management also anticipates adding at least 2.3 million new members, indicating a 30% increase.
These recent developments underscore SoFi Technologies' sturdy financial performance and strategic growth in the fintech sector. Despite a significant decline in personal loan applications, SoFi's financial services segment is approaching the $1 billion annualized revenue mark. This news follows meetings with SoFi's Chief Financial Officer, Chris Lapointe, shedding light on the company's current performance and future trajectory.
InvestingPro Insights
SoFi Technologies (NASDAQ:SOFI) has been experiencing significant market momentum, as evidenced by its strong performance metrics. According to InvestingPro data, the company has seen a remarkable 126.09% price total return over the past year, with a 47.45% increase in the last month alone. This upward trajectory aligns with the recent insider sale by Executive Vice President Kelli Keough.
The company's market capitalization stands at $16.93 billion, reflecting its substantial presence in the fintech space. SoFi's revenue growth remains robust, with a 32.15% increase over the last twelve months, reaching $2.52 billion. This growth is complemented by a healthy gross profit margin of 82.64%, indicating efficient operations.
InvestingPro Tips highlight that SoFi is trading near its 52-week high, with the stock price at 99.05% of its peak. This information contextualizes Keough's decision to sell shares, potentially capitalizing on the stock's strong performance. Additionally, analysts predict that the company will be profitable this year, which could further bolster investor confidence.
However, it's worth noting that SoFi's P/E ratio stands at 86.3, suggesting a high valuation relative to earnings. This metric, combined with the InvestingPro Tip that the stock is trading at a high earnings multiple, indicates that investors are pricing in significant future growth expectations.
For readers interested in a more comprehensive analysis, InvestingPro offers 15 additional tips for SoFi Technologies, providing a deeper understanding of the company's financial health and market position.
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