SoFi Technologies (NASDAQ:SOFI) Shares Gap Down – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares gapped down prior to trading on Thursday . The stock had previously closed at $15.40, but opened at $15.00. SoFi Technologies shares last traded at $14.86, with a volume of 22,730,920 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a report on Thursday. Mizuho boosted their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Barclays raised their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC increased their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $11.13.

SoFi Technologies Stock Up 5.0 %

The business’s 50 day moving average is $14.59 and its 200 day moving average is $10.04. 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 stock has a market cap of $16.10 billion, a price-to-earnings ratio of 148.41, a price-to-earnings-growth ratio of 2.70 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $697.10 million for the quarter, compared to the consensus estimate 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 for the quarter was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) earnings per share. Equities analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Activity

In other SoFi Technologies news, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $16.03, for a total value of $386,417,705.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at $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 26,009,264 shares of company stock worth $416,889,795 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently added to or reduced their stakes in SOFI. Waller Financial Planning Group Inc. increased its position in SoFi Technologies by 3,027.5% during the fourth quarter. Waller Financial Planning Group Inc. now owns 10,227 shares of the company’s stock worth $157,000 after buying an additional 9,900 shares during the last quarter. Everence Capital Management Inc. bought a new stake in shares of SoFi Technologies during the 4th quarter worth about $498,000. GAMMA Investing LLC grew its holdings in SoFi Technologies by 40.3% during the fourth quarter. GAMMA Investing LLC now owns 5,925 shares of the company’s stock valued at $91,000 after purchasing an additional 1,703 shares during the last quarter. World Investment Advisors LLC raised its position in shares of SoFi Technologies by 6.5% in the third quarter. World Investment Advisors LLC now owns 21,745 shares of the company’s stock valued at $171,000 after purchasing an additional 1,336 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of SoFi Technologies in the third quarter worth $1,649,000. 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.