SoFi Technologies (NASDAQ:SOFI) Shares Down 0.3% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) was down 0.3% during mid-day trading on Friday . The stock traded as low as $13.08 and last traded at $13.36. Approximately 15,997,068 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 47,435,617 shares. The stock had previously closed at $13.40.

Analyst Ratings Changes

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

SoFi Technologies Stock Performance

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 business has a 50-day moving average of $9.57 and a 200-day moving average of $7.89. The company has a market capitalization of $14.22 billion, a P/E ratio of 133.61, a P/E/G ratio of 2.25 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. SoFi Technologies’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.03) earnings per share. On average, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company’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 transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the sale, the executive vice president now owns 152,203 shares in the company, valued at approximately $1,576,823.08. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock worth $904,677 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOFI. Prentice Capital Management LP lifted its stake in SoFi Technologies by 66.6% during the third quarter. Prentice Capital Management LP now owns 250,117 shares of the company’s stock worth $1,966,000 after purchasing an additional 100,000 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of SoFi Technologies by 79.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 34,467 shares of the company’s stock worth $271,000 after buying an additional 15,301 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of SoFi Technologies by 5.9% in the 3rd quarter. Janus Henderson Group PLC now owns 479,495 shares of the company’s stock valued at $3,771,000 after buying an additional 26,768 shares in the last quarter. Centiva Capital LP purchased a new position in shares of SoFi Technologies in the 3rd quarter valued at $2,573,000. Finally, Benjamin Edwards Inc. raised its stake in SoFi Technologies by 10,512.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 74,500 shares of the company’s stock worth $585,000 after acquiring an additional 73,798 shares in the last quarter. Institutional investors and hedge funds 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.