SoFi Technologies (NASDAQ:SOFI) Shares Down 3.4% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price fell 3.4% during trading on Thursday . The company traded as low as $9.66 and last traded at $9.70. 15,784,825 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 45,745,074 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods cut their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Finally, Barclays cut their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $9.08.

SoFi Technologies Price Performance

The business has a 50 day simple moving average of $7.78 and a 200-day simple moving average of $7.29. The company has a market capitalization of $10.41 billion, a P/E ratio of -31.29, a PEG ratio of 1.72 and a beta of 1.70. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.06) earnings per share. Analysts predict that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares of the company’s stock, valued at $830,594.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the transaction, the executive vice president now directly owns 114,407 shares in the company, valued at $830,594.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 102,328 shares of company stock worth $808,246 over the last 90 days. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC bought a new stake in shares of SoFi Technologies in the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC boosted its position in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares in the last quarter. SOA Wealth Advisors LLC. grew its stake in SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after acquiring an additional 1,713 shares during the period. GAMMA Investing LLC raised its position in shares of SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after purchasing an additional 1,981 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in SoFi Technologies in the first quarter valued at approximately $37,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.