SoFi Technologies (NASDAQ:SOFI) Shares Down 2.6% After Analyst Downgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded down 2.6% during mid-day trading on Tuesday after Jefferies Financial Group lowered their price target on the stock from $15.00 to $12.00. Jefferies Financial Group currently has a buy rating on the stock. SoFi Technologies traded as low as $7.17 and last traded at $7.26. 18,023,406 shares traded hands during trading, a decline of 68% from the average session volume of 56,899,156 shares. The stock had previously closed at $7.45.

A number of other analysts also recently issued reports on the company. Morgan Stanley reiterated an “underweight” rating and set a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $6.50 price target (down previously from $7.50) on shares of SoFi Technologies in a research report on Wednesday, January 3rd. Wedbush reiterated an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a research report on Wednesday, March 6th. Mizuho dropped their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Finally, The Goldman Sachs Group raised their price objective on SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, January 30th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and an average price target of $8.97.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently made changes to their positions in the business. HighPoint Advisor Group LLC bought a new stake in shares of SoFi Technologies in the 4th quarter worth approximately $1,160,000. Quadrature Capital Ltd bought a new stake in shares of SoFi Technologies during the fourth quarter valued at approximately $24,571,000. Vanguard Group Inc. boosted its position in shares of SoFi Technologies by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after purchasing an additional 5,057,233 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in shares of SoFi Technologies during the fourth quarter valued at approximately $392,000. Finally, Tortoise Investment Management LLC bought a new stake in shares of SoFi Technologies during the fourth quarter valued at approximately $39,000. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Stock Up 2.2 %

The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $7.19 billion, a P/E ratio of -19.37 and a beta of 1.80. The company has a 50-day moving average of $7.89 and a two-hundred day moving average of $8.01.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. The company had revenue of $615.40 million for the quarter, compared to analyst estimates of $572.02 million. During the same period in the previous year, the company posted ($0.05) earnings per share. The firm’s revenue was up 34.7% on a year-over-year basis. On average, research analysts predict that SoFi Technologies, Inc. will post 0.07 EPS for the current year.

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.