SoFi Technologies (NASDAQ:SOFI) Trading Down 1.8%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 1.8% during trading on Friday . The company traded as low as $7.11 and last traded at $7.13. Approximately 8,273,433 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 45,791,668 shares. The stock had previously closed at $7.26.

Analysts Set New Price Targets

Several brokerages recently weighed in on SOFI. BTIG Research assumed coverage on SoFi Technologies in a research note on Friday, June 7th. They set a “neutral” rating for the company. Barclays lowered their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods reduced their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Stock Performance

The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of -23.00, a price-to-earnings-growth ratio of 1.62 and a beta of 1.70. The stock’s 50-day simple moving average is $7.10 and its 200 day simple moving average is $7.22. 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 released its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The firm had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted ($0.06) EPS. Analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 sale, the chief technology officer now directly 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. Over the last three months, insiders have sold 19,921,285 shares of company stock worth $135,057,462. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Axxcess Wealth Management LLC acquired a new stake in SoFi Technologies in the first quarter worth $185,000. Wells Fargo & Company MN grew its stake in SoFi Technologies by 20.9% in the fourth quarter. Wells Fargo & Company MN now owns 2,854,098 shares of the company’s stock valued at $28,398,000 after acquiring an additional 493,707 shares during the period. Miracle Mile Advisors LLC increased its holdings in shares of SoFi Technologies by 3.7% in the second quarter. Miracle Mile Advisors LLC now owns 84,350 shares of the company’s stock worth $558,000 after acquiring an additional 3,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of SoFi Technologies by 176.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in shares of SoFi Technologies during the 4th quarter valued at about $38,595,000. 38.43% of the stock is currently owned by institutional investors.

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.