SoFi Technologies (NASDAQ:SOFI) Shares Down 3.9% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were down 3.9% during trading on Monday. The company traded as low as $15.87 and last traded at $15.93. 58,064,047 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 65,396,031 shares. The stock had previously closed at $16.58.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of research analyst reports. Loop Capital initiated coverage on shares of SoFi Technologies in a research report on Tuesday, September 8th. They issued a “hold” rating and a $22.00 target price on the stock. Scotiabank assumed coverage on SoFi Technologies in a report on Wednesday, September 2nd. They set a “sector outperform” rating and a $25.00 price target on the stock. Mizuho cut their target price on shares of SoFi Technologies from $29.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Piper Sandler started coverage on shares of SoFi Technologies in a report on Monday, August 17th. They set an “overweight” rating and a $22.00 price target on the stock. Finally, Truist Financial lifted their target price on SoFi Technologies from $18.00 to $19.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and an average target price of $22.52.

SoFi Technologies Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10. The company’s fifty day simple moving average is $17.55 and its two-hundred day simple moving average is $17.25. The stock has a market cap of $20.55 billion, a price-to-earnings ratio of 33.15, a P/E/G ratio of 1.33 and a beta of 2.20.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Wednesday, July 29th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.01. SoFi Technologies had a return on equity of 6.22% and a net margin of 14.78%.The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the company posted $0.08 earnings per share. SoFi Technologies’s quarterly revenue was up 42.5% on a year-over-year basis. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. On average, analysts forecast that SoFi Technologies, Inc. will post 0.6 earnings per share for the current year.

Insider Activity

In other news, EVP Kelli Keough sold 11,286 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total transaction of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares in the company, valued at $6,415,956. This trade represents a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 18,624 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $17.50, for a total transaction of $325,920.00. Following the sale, the chief technology officer directly owned 912,650 shares in the company, valued at approximately $15,971,375. This trade represents a 2.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 51,067 shares of company stock valued at $890,716. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vermillion Wealth Management Inc. grew its holdings in shares of SoFi Technologies by 283.1% during the fourth quarter. Vermillion Wealth Management Inc. now owns 1,000 shares of the company’s stock worth $26,000 after purchasing an additional 739 shares in the last quarter. Reflection Asset Management purchased a new stake in SoFi Technologies in the fourth quarter valued at approximately $28,000. Cornerstone Planning Group LLC lifted its position in SoFi Technologies by 232.1% during the first quarter. Cornerstone Planning Group LLC now owns 2,099 shares of the company’s stock valued at $34,000 after purchasing an additional 1,467 shares during the last quarter. Compass Financial Management LLC bought a new stake in SoFi Technologies during the second quarter valued at approximately $34,000. Finally, SHP Wealth Management purchased a new position in SoFi Technologies in the 4th quarter worth approximately $36,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

About SoFi Technologies

SoFi Technologies, Inc is a financial technology company that provides digital financial services through its SoFi platform. Founded in 2011 as a student-loan refinancing business, the company has expanded into a broader digital banking and personal-finance provider serving consumers primarily in the United States.

SoFi offers products including personal loans, student-loan refinancing, home loans, checking and savings accounts, credit cards, investment accounts, and financial-planning tools.