SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 3% during mid-day trading on Wednesday . The stock traded as low as $17.45 and last traded at $17.37. Approximately 20,163,531 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 40,458,000 shares. The stock had previously closed at $17.90.

Wall Street Analysts Forecast Growth

SOFI has been the topic of several research reports. Mizuho boosted their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Bank of America reissued an “underperform” rating and issued a $12.00 price target on shares of SoFi Technologies in a research report on Monday, December 9th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $8.00 price objective (up previously from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. JPMorgan Chase & Co. boosted their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Finally, Citigroup lifted their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and an average target price of $11.71.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The business’s 50 day moving average price is $15.45 and its 200 day moving average price is $10.84. The stock has a market capitalization of $18.98 billion, a P/E ratio of 174.76, a price-to-earnings-growth ratio of 1.12 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last announced its 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 during the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS. Sell-side analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insiders Place Their Bets

In related news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of SoFi Technologies stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $16.06, for a total transaction of $28,242,361.18. Following the transaction, the director now directly owns 482,083 shares in the company, valued at approximately $7,742,252.98. The trade was a 78.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 9,590 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total value of $139,630.40. Following the completion of the sale, the executive vice president now owns 142,613 shares of the company’s stock, valued at approximately $2,076,445.28. The trade was a 6.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,999,956 shares of company stock valued at $416,793,365. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOFI. Captrust Financial Advisors increased its stake 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 worth $233,000 after purchasing an additional 809 shares in the last quarter. Summit Trail Advisors LLC boosted its holdings in SoFi Technologies by 0.3% in the 3rd quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company’s stock worth $2,204,000 after buying an additional 855 shares during the period. CIBC Asset Management Inc increased its stake in SoFi Technologies by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 28,409 shares of the company’s stock worth $223,000 after buying an additional 962 shares in the last quarter. Oak Harbor Wealth Partners LLC raised its holdings in SoFi Technologies by 10.0% during the third quarter. Oak Harbor Wealth Partners LLC now owns 11,000 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares during the period. Finally, Procyon Advisors LLC lifted its position in shares of SoFi Technologies by 8.0% in the fourth quarter. Procyon Advisors LLC now owns 13,497 shares of the company’s stock valued at $208,000 after acquiring an additional 1,000 shares in the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.