SoFi Technologies (NASDAQ:SOFI) Trading Down 1.7% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were down 1.7% on Thursday . The company traded as low as $11.56 and last traded at $11.72. Approximately 12,435,307 shares traded hands during trading, a decline of 73% from the average daily volume of 46,470,309 shares. The stock had previously closed at $11.92.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SOFI shares. Bank of America reiterated an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Citigroup boosted their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $8.00 price target (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. The Goldman Sachs Group boosted their price target on SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. boosted their price target on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Four analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Price Performance

The firm has a market capitalization of $13.26 billion, a P/E ratio of 32.68, a PEG ratio of 2.24 and a beta of 1.79. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a 50-day moving average of $14.89 and a 200-day moving average of $12.81.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period in the previous year, the firm posted $0.04 EPS. As a group, analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Activity

In other news, EVP Kelli Keough sold 9,185 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $15.43, for a total transaction of $141,724.55. Following the transaction, the executive vice president now directly owns 169,626 shares of the company’s stock, valued at $2,617,329.18. This represents a 5.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Eric Schuppenhauer purchased 30,600 shares of the stock in a transaction dated Monday, December 16th. The shares were purchased at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the acquisition, the executive vice president now directly owns 46,105 shares in the company, valued at approximately $753,355.70. This trade represents a 197.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 92,004 shares of company stock valued at $1,459,060 in the last ninety days. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of SoFi Technologies during the 4th quarter valued at $3,703,000. Hanseatic Management Services Inc. purchased a new stake in shares of SoFi Technologies in the 4th quarter worth $1,116,000. Kercheville Advisors LLC purchased a new stake in shares of SoFi Technologies in the 4th quarter worth $1,594,000. Charles Schwab Investment Management Inc. increased its stake in shares of SoFi Technologies by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock worth $48,306,000 after purchasing an additional 87,097 shares in the last quarter. Finally, Zacks Investment Management purchased a new stake in shares of SoFi Technologies in the 3rd quarter worth $3,766,000. 38.43% of the stock is owned by institutional investors.

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.