SoFi Technologies (NASDAQ:SOFI) Shares Down 2.2% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were down 2.2% during mid-day trading on Wednesday . The company traded as low as $14.35 and last traded at $14.58. Approximately 10,510,121 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 39,752,105 shares. The stock had previously closed at $14.91.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Jefferies Financial Group lifted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Mizuho increased their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Morgan Stanley lifted their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, December 19th. Finally, Bank of America reiterated an “underperform” rating and issued a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.13.

SoFi Technologies Trading Down 2.7 %

The company has a 50 day moving average of $14.96 and a 200-day moving average of $10.33. The stock has a market cap of $15.35 billion, a price-to-earnings ratio of 141.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78. 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 issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The business had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter in the prior year, the company earned ($0.03) earnings per share. The business’s quarterly revenue was up 29.8% on a year-over-year basis. On average, research analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Activity at SoFi Technologies

In other news, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.59, for a total transaction of $138,969.26. Following the completion of the transaction, the executive vice president now directly owns 187,725 shares of the company’s stock, valued at approximately $2,926,632.75. This represents a 4.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Eric Schuppenhauer purchased 30,600 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were bought at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the purchase, the executive vice president now directly owns 46,105 shares in the company, valued at $753,355.70. This represents a 197.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 26,009,264 shares of company stock worth $416,889,795. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in SoFi Technologies by 5.7% during the 2nd quarter. Rhumbline Advisers now owns 979,183 shares of the company’s stock worth $6,472,000 after purchasing an additional 53,124 shares during the period. Victory Capital Management Inc. boosted its stake in shares of SoFi Technologies by 6.9% during the second quarter. Victory Capital Management Inc. now owns 127,342 shares of the company’s stock worth $842,000 after buying an additional 8,267 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of SoFi Technologies during the second quarter worth about $68,000. PFG Investments LLC increased its position in SoFi Technologies by 32.4% in the 2nd quarter. PFG Investments LLC now owns 82,397 shares of the company’s stock valued at $545,000 after acquiring an additional 20,175 shares during the period. Finally, Choreo LLC purchased a new stake in SoFi Technologies during the 2nd quarter valued at approximately $101,000. 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.