SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3.6% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were down 3.6% during trading on Thursday . The stock traded as low as $12.03 and last traded at $12.61. Approximately 18,783,984 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 44,543,294 shares. The stock had previously closed at $13.07.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SOFI shares. The Goldman Sachs Group upped their target price on shares of SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Needham & Company LLC raised their price objective on SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Morgan Stanley upped their target price on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Finally, Bank of America reaffirmed an “underperform” rating and issued a $12.00 price objective on shares of SoFi Technologies in a research note on Monday, December 9th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $12.50.

SoFi Technologies Trading Down 6.0 %

The company’s 50 day simple moving average is $14.60 and its two-hundred day simple moving average is $13.14. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $13.47 billion, a price-to-earnings ratio of 33.20, a P/E/G ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period in the previous year, the business posted $0.04 earnings per share. As a group, research analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 9,185 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $15.43, for a total transaction of $141,724.55. Following the sale, the executive vice president now owns 169,626 shares of the company’s stock, valued at approximately $2,617,329.18. The trade was a 5.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeremy Rishel sold 68,625 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the completion of the transaction, the chief technology officer now directly owns 655,118 shares of the company’s stock, valued at approximately $8,280,691.52. This represents a 9.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,905 shares of company stock worth $1,308,075 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of SoFi Technologies during the fourth quarter worth about $27,000. Hollencrest Capital Management acquired a new stake in SoFi Technologies during the 4th quarter valued at approximately $31,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of SoFi Technologies in the 4th quarter valued at $32,000. FNY Investment Advisers LLC boosted its holdings in shares of SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock valued at $33,000 after acquiring an additional 1,905 shares during the last quarter. Finally, IAG Wealth Partners LLC acquired a new stake in shares of SoFi Technologies in the fourth quarter worth $38,000. 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.