SoFi Technologies (NASDAQ:SOFI) Shares Down 1.6%

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were down 1.6% during mid-day trading on Thursday . The company traded as low as $7.37 and last traded at $7.42. Approximately 12,207,061 shares traded hands during trading, a decline of 74% from the average daily volume of 46,875,605 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

SOFI has been the subject of several recent research reports. Wedbush reaffirmed an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday. Citigroup began coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 price target for the company. Deutsche Bank Aktiengesellschaft dropped their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Tuesday, April 30th. Finally, Barclays lowered their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.20.

SoFi Technologies Stock Down 5.0 %

The firm’s 50-day moving average price is $6.88 and its 200-day moving average price is $7.36. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The company has a market cap of $7.57 billion, a price-to-earnings ratio of -23.93, a price-to-earnings-growth ratio of 1.57 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The company had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. During the same period last year, the company posted ($0.06) earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that SoFi Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Insider Activity

In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now owns 453,464 shares of the company’s stock, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. Insiders have bought 88,390 shares of company stock worth $597,569 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in SoFi Technologies in the fourth quarter worth about $27,000. ORG Partners LLC bought a new stake in shares of SoFi Technologies in the 1st quarter worth approximately $27,000. Tortoise Investment Management LLC bought a new position in SoFi Technologies during the 4th quarter worth $39,000. Vermillion & White Wealth Management Group LLC acquired a new stake in SoFi Technologies in the fourth quarter worth $40,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after buying an additional 1,543 shares during the last quarter. 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.