SoFi Technologies (NASDAQ:SOFI) Trading Down 4.1% on Analyst Downgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 4.1% on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $12.00 to $11.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. SoFi Technologies traded as low as $6.61 and last traded at $6.76. Approximately 45,563,133 shares changed hands during trading, a decline of 15% from the average daily volume of 53,822,848 shares. The stock had previously closed at $7.05.

Several other analysts have also recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Mizuho cut their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday. Finally, Wedbush reaffirmed an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.08.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.60% of the stock is owned by company insiders.

Institutional Trading of SoFi Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of SoFi Technologies during the first quarter worth about $179,000. Commonwealth Equity Services LLC grew its holdings in SoFi Technologies by 5.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 608,576 shares of the company’s stock valued at $4,443,000 after buying an additional 32,114 shares in the last quarter. Principal Financial Group Inc. grew its holdings in SoFi Technologies by 37.1% during the 1st quarter. Principal Financial Group Inc. now owns 80,650 shares of the company’s stock valued at $589,000 after buying an additional 21,805 shares in the last quarter. Trueblood Wealth Management LLC raised its position in shares of SoFi Technologies by 41.0% during the first quarter. Trueblood Wealth Management LLC now owns 22,103 shares of the company’s stock valued at $161,000 after buying an additional 6,426 shares during the last quarter. Finally, McGuire Investment Group LLC lifted its holdings in shares of SoFi Technologies by 10.2% in the first quarter. McGuire Investment Group LLC now owns 39,950 shares of the company’s stock worth $292,000 after buying an additional 3,700 shares in the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Trading Down 3.8 %

The stock has a market cap of $6.62 billion, a P/E ratio of -17.82 and a beta of 1.75. The stock’s 50-day moving average is $7.61 and its two-hundred day moving average is $7.88. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) EPS. Equities research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

About SoFi Technologies

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.