SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 1.6% on Tuesday . The stock traded as low as $13.37 and last traded at $13.89. 28,081,752 shares traded hands during trading, a decline of 41% from the average session volume of 47,411,168 shares. The stock had previously closed at $14.11.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SOFI. Barclays raised their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. The Goldman Sachs Group raised their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Jefferies Financial Group raised their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Finally, Needham & Company LLC raised their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.32.

SoFi Technologies Stock Down 0.7 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.21. The firm’s 50 day moving average is $9.44 and its two-hundred day moving average is $7.85. The firm has a market capitalization of $14.28 billion, a P/E ratio of 134.11, a PEG ratio of 2.30 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 29th. 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 3.71% and a net margin of 8.38%. The business had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same quarter last year, the firm posted ($0.03) EPS. The company’s quarterly revenue was up 29.8% on a year-over-year basis. Research analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were 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 directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. The trade was a 11.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,636 shares of company stock valued at $904,677 over the last ninety days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of the business. Captrust Financial Advisors boosted its position in shares of SoFi Technologies by 2.8% in the third quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock valued at $233,000 after acquiring an additional 809 shares during the period. Rockefeller Capital Management L.P. lifted its position in SoFi Technologies by 20.6% during the third quarter. Rockefeller Capital Management L.P. now owns 2,209,266 shares of the company’s stock worth $17,365,000 after purchasing an additional 376,899 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in SoFi Technologies by 3.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 230,827 shares of the company’s stock worth $1,814,000 after purchasing an additional 7,928 shares during the period. FORA Capital LLC bought a new stake in SoFi Technologies during the third quarter worth about $1,226,000. Finally, CreativeOne Wealth LLC bought a new stake in SoFi Technologies during the third quarter worth about $94,000. Institutional investors own 38.43% of the company’s stock.

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.