SoFi Technologies (NASDAQ:SOFI) Shares Down 4.1% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 4.1% during mid-day trading on Thursday . The stock traded as low as $14.78 and last traded at $14.86. Approximately 18,661,398 shares changed hands during trading, a decline of 58% from the average daily volume of 44,089,625 shares. The stock had previously closed at $15.49.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SOFI. Needham & Company LLC raised their target price on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Citigroup boosted their price objective on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. increased their target price on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. William Blair restated an “outperform” rating on shares of SoFi Technologies in a report on Friday, January 24th. Finally, The Goldman Sachs Group increased their price objective on SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Price Performance

The firm has a fifty day moving average of $15.76 and a 200 day moving average of $11.61. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $16.18 billion, a P/E ratio of 40.30, a P/E/G ratio of 2.04 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period last year, the firm earned $0.04 earnings per share. On average, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.27 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Eric Schuppenhauer purchased 30,600 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were acquired at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the transaction, the executive vice president now owns 46,105 shares of the company’s stock, valued at approximately $753,355.70. The trade was a 197.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 9,590 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $14.56, for a total transaction of $139,630.40. Following the sale, the executive vice president now directly 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. In the last ninety days, insiders sold 26,008,870 shares of company stock worth $416,950,073. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. 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 increased its stake 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 in the last quarter. CIBC Asset Management Inc raised its holdings in SoFi Technologies by 3.5% during the third quarter. CIBC Asset Management Inc now owns 28,409 shares of the company’s stock valued at $223,000 after acquiring an additional 962 shares during the period. Oak Harbor Wealth Partners LLC lifted its position in shares of SoFi Technologies by 10.0% in 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 in the last quarter. Finally, Procyon Advisors LLC boosted its stake 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 worth $208,000 after acquiring an additional 1,000 shares during the period. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.