SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.3% – Should You Sell?

SoFi Technologies, Inc. (NASDAQ:SOFI) was down 1.3% during mid-day trading on Friday. The company traded as low as $15.08 and last traded at $15.42. Approximately 37,984,130 shares were traded during trading, a decline of 40% from the average session volume of 63,325,090 shares. The stock had previously closed at $15.63.

Trending Headlines about SoFi Technologies

Investors following SOFI have been watching these headlines:

• Positive Sentiment: SoFi reported record third-quarter loan originations of $16.9 billion, up 71% year over year, while Lending adjusted net revenue rose 68% to $807.4 million. That growth reinforces the company’s earnings momentum, though sustaining it is a key question. SOFI’s Q3 Loan Originations Hit Record High: Can Growth Continue?
• Positive Sentiment: SoFiUSD launched on Polygon, extending its bank-issued stablecoin to a third blockchain and potentially broadening its payments and digital-finance offerings for members. SoFi’s Bank-Issued Stablecoin SoFiUSD Goes Live on Polygon
• Negative Sentiment: One article notes SOFI has lost 43.1% year to date despite member and product growth, citing unresolved concerns around rates, regulation and competition. Those pressures may be tempering enthusiasm for otherwise strong results. What SoFi Technologies Investors Missed Before the Fall

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Scotiabank reaffirmed a “sector outperform” rating and issued a $26.00 price objective (up from $25.00) on shares of SoFi Technologies in a report on Wednesday, October 28th. Benchmark reissued a “sector outperform” rating on shares of SoFi Technologies in a research note on Wednesday, October 28th. Weiss Ratings upgraded SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, October 21st. Needham & Company LLC restated a “buy” rating and issued a $24.00 price target on shares of SoFi Technologies in a research note on Wednesday, October 28th. Finally, Loop Capital initiated coverage on SoFi Technologies in a research report on Tuesday, September 8th. They issued a “hold” rating and a $22.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $21.27.

SoFi Technologies Stock Down 1.3%

The company has a debt-to-equity ratio of 0.34, a current ratio of 0.74 and a quick ratio of 0.10. The business’s 50 day moving average price is $16.24 and its 200 day moving average price is $17.46. The firm has a market cap of $19.92 billion, a PE ratio of 28.04, a PEG ratio of 1.01 and a beta of 2.25.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. SoFi Technologies had a net margin of 15.60% and a return on equity of 6.81%. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company posted $0.11 EPS. SoFi Technologies’s quarterly revenue was up 44.4% compared to the same quarter last year. On average, equities research analysts expect that SoFi Technologies, Inc. will post 0.61 earnings per share for the current year.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 18,624 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $17.50, for a total value of $325,920.00. Following the transaction, the chief technology officer owned 912,650 shares in the company, valued at $15,971,375. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 11,286 shares of SoFi Technologies stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $18.00, for a total value of $203,148.00. Following the completion of the sale, the executive vice president directly owned 356,442 shares in the company, valued at $6,415,956. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 50,316 shares of company stock worth $852,605. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of SoFi Technologies in the second quarter valued at about $1,298,925,000. Bank of America Corp DE acquired a new position in SoFi Technologies during the second quarter worth about $163,808,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in SoFi Technologies during the 2nd quarter valued at about $93,937,000. Bank of New York Mellon Corp acquired a new stake in SoFi Technologies in the 2nd quarter valued at about $72,531,000. Finally, Legal & General Group Plc acquired a new stake in SoFi Technologies in the 2nd quarter valued at about $64,706,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc. is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings. Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.