SoFi Technologies (NASDAQ:SOFI) Shares Down 2.9%

SoFi Technologies, Inc. (NASDAQ:SOFI) fell 2.9% on Thursday . The stock traded as low as $7.26 and last traded at $7.38. 16,607,039 shares were traded during mid-day trading, a decline of 68% from the average session volume of 51,908,938 shares. The stock had previously closed at $7.60.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SOFI. Jefferies Financial Group lowered their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. The Goldman Sachs Group boosted their price objective on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $6.50 to $7.50 in a research report on Friday, April 5th. Wedbush reissued an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research report on Wednesday, March 6th. Finally, Needham & Company LLC began coverage on SoFi Technologies in a research report on Wednesday, April 3rd. They set a “buy” rating and a $10.00 price objective for the company. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.08.

SoFi Technologies Price Performance

The firm has a 50 day moving average of $7.64 and a two-hundred day moving average of $7.90. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.23 and a current ratio of 1.04.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. The company had revenue of $615.40 million during the quarter, compared to analysts’ expectations of $572.02 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 34.7% on a year-over-year basis. As a group, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of the sale, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC purchased a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $27,000. Westside Investment Management Inc. grew its holdings in SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after acquiring an additional 1,500 shares during the period. Tortoise Investment Management LLC acquired a new position in SoFi Technologies during the fourth quarter worth $39,000. Vermillion & White Wealth Management Group LLC acquired a new position in SoFi Technologies during the fourth quarter worth $40,000. Finally, Jones Financial Companies Lllp acquired a new position in SoFi Technologies during the fourth quarter worth $44,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.