SoFi Technologies (NASDAQ:SOFI) Shares Down 1.8% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) fell 1.8% on Tuesday . The stock traded as low as $14.71 and last traded at $15.02. 14,643,018 shares were traded during mid-day trading, a decline of 64% from the average session volume of 40,410,723 shares. The stock had previously closed at $15.29.

Wall Street Analyst Weigh In

SOFI has been the subject of several analyst reports. Needham & Company LLC increased their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a report on Monday, December 9th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $8.00 price target (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Finally, Morgan Stanley upped their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research report on Thursday, December 19th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.13.

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 0.18. The company has a 50 day simple moving average of $14.83 and a 200-day simple moving average of $10.24. The stock has a market capitalization of $15.79 billion, a P/E ratio of 145.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 net margin of 8.38% and a return on equity of 3.71%. The company’s revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.03) earnings per share. On average, equities analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the transaction, the executive vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 64,991 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the sale, the chief technology officer now owns 586,494 shares in the company, valued at $9,219,685.68. This represents a 9.98 % 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 valued at $416,889,795 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies in the third quarter valued at approximately $27,000. Brooklyn Investment Group purchased a new stake in shares of SoFi Technologies during the 3rd quarter valued at $28,000. Waldron Private Wealth LLC purchased a new position in SoFi Technologies in the third quarter worth $39,000. Gilliland Jeter Wealth Management LLC bought a new position in SoFi Technologies in the third quarter valued at $47,000. Finally, Strategic Financial Concepts LLC purchased a new stake in SoFi Technologies during the second quarter valued at about $66,000. Hedge funds and other institutional investors 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.