SoFi Technologies (NASDAQ:SOFI) Shares Down 2.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 2.6% during mid-day trading on Monday . The company traded as low as $10.74 and last traded at $10.70. Approximately 12,579,051 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 48,970,699 shares. The stock had previously closed at $10.98.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Citigroup lifted their price target on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. William Blair reissued an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. The Goldman Sachs Group lifted their price target on SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Finally, 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 research note on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Trading Down 3.6 %

The firm has a 50 day simple moving average of $12.60 and a 200 day simple moving average of $13.56. The firm has a market cap of $11.60 billion, a P/E ratio of 28.59, a P/E/G ratio of 2.24 and a beta of 1.86. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating 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 firm earned $0.04 EPS. On average, equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

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

Hedge Funds Weigh In On SoFi Technologies

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of SoFi Technologies by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock worth $1,514,390,000 after buying an additional 8,898,879 shares in the last quarter. Two Sigma Advisers LP purchased a new position in shares of SoFi Technologies in the fourth quarter worth $299,980,000. Geode Capital Management LLC lifted its holdings in shares of SoFi Technologies by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company’s stock valued at $276,288,000 after purchasing an additional 315,899 shares in the last quarter. Norges Bank bought a new stake in SoFi Technologies in the 4th quarter worth about $103,678,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in SoFi Technologies by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,313,617 shares of the company’s stock valued at $97,230,000 after acquiring an additional 167,780 shares during the period. 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.