SoFi Technologies (NASDAQ:SOFI) Trading Down 4.1% Following Analyst Downgrade

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 4.1% during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $12.00 to $11.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. SoFi Technologies traded as low as $6.61 and last traded at $6.76. 45,563,133 shares changed hands during trading, a decline of 15% from the average session volume of 53,822,848 shares. The stock had previously closed at $7.05.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group dropped their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Citigroup began coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 price target on the stock. Keefe, Bruyette & Woods upgraded SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $6.50 to $7.50 in a research report on Friday, April 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.08.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were 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 $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of SoFi Technologies by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock worth $610,458,000 after purchasing an additional 2,567,797 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of SoFi Technologies by 102.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 495,839 shares of the company’s stock worth $3,962,000 after buying an additional 250,854 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of SoFi Technologies by 202.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 14,963 shares of the company’s stock worth $120,000 after acquiring an additional 10,013 shares in the last quarter. Baltimore Washington Financial Advisors Inc. increased its holdings in shares of SoFi Technologies by 18.0% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 390,098 shares of the company’s stock valued at $3,117,000 after acquiring an additional 59,412 shares during the last quarter. Finally, Hartline Investment Corp raised its stake in shares of SoFi Technologies by 3.4% in the 3rd quarter. Hartline Investment Corp now owns 865,756 shares of the company’s stock valued at $6,917,000 after acquiring an additional 28,115 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Down 3.8 %

The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. The company has a fifty day moving average of $7.58 and a two-hundred day moving average of $7.87. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of -17.84 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. SoFi Technologies’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. On average, research analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

About SoFi Technologies

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.