Kelli Keough, Executive Vice President at SoFi Technologies, Inc. (NASDAQ:SOFI), has recently sold a portion of her holdings in the company. According to the latest SEC filing, Keough sold 9,308 shares of common stock on October 21, 2024. The shares were sold at a weighted average price of $10.3629, within a range of $10.22 to $10.52, resulting in a total transaction value of $96,457. Following this sale, Keough retains ownership of 152,203 shares in the company. The transaction was executed under a pre-established Rule 10b5-1 trading plan, which had been adopted earlier this year on May 21.
In other recent news, SoFi Technologies has been making significant strides in diversifying its financial services and offerings. The company has entered into a $2 billion loan platform business agreement with Fortress Investment Group. This strategic move is seen as an astute method of boosting fee income without incurring the usual financial risks associated with loan issuance. Keefe, Bruyette & Woods has maintained its Market Perform rating and $7.00 price target for SoFi, reflecting a cautious but stable outlook on the company's stock.
Simultaneously, SoFi has partnered with PrimaryBid Technologies to launch a directed share platform. This platform enables companies to efficiently allocate shares to employees, customers, and individual investors during the capital-raising process, marking a significant step in the fintech sector's challenge to traditional financial services.
On the earnings front, SoFi reported a record-breaking Q2 2024 earnings with an adjusted net revenue of $597 million, reflecting a 22% year-over-year increase. This marks the company's third consecutive quarter of GAAP profitability, with a net income of $17 million. The company has provided positive guidance for Q3 and full-year 2024, anticipating adjusted net revenue to reach up to $2.465 billion and GAAP net income up to $185 million. These recent developments continue to shape the trajectory of SoFi Technologies.
InvestingPro Insights
As SoFi Technologies, Inc. (NASDAQ:SOFI) continues to make headlines with insider transactions, it's crucial to examine the company's current financial position and market performance. According to InvestingPro data, SoFi's market capitalization stands at $11.11 billion, reflecting its significant presence in the fintech sector.
The company has shown impressive revenue growth, with a 30.3% increase over the last twelve months, reaching $2.34 billion. This growth trajectory aligns with an InvestingPro Tip suggesting that net income is expected to grow this year. Additionally, analysts predict the company will be profitable this year, which could be a turning point for SoFi's financial performance.
However, investors should note that SoFi is currently trading near its 52-week high, with the stock price at 97.84% of its peak. This has resulted in strong returns over the last month (33.08%) and three months (46.76%), as highlighted by InvestingPro Tips. The stock's recent performance has been particularly robust, with a 5.57% return in just the past week.
It's worth mentioning that SoFi's P/E ratio (adjusted) stands at 86.66, which may indicate a premium valuation compared to some peers. This high valuation could be attributed to investor optimism about the company's growth prospects and potential profitability.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for SoFi Technologies, providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable given the recent insider transaction and the company's dynamic position in the fintech landscape.
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