SoFi Technologies (NASDAQ:SOFI) Stock Price Down 8.6% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI) was down 8.6% on Tuesday . The company traded as low as $9.77 and last traded at $10.23. Approximately 88,011,469 shares were traded during trading, an increase of 90% from the average daily volume of 46,307,055 shares. The stock had previously closed at $11.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SOFI shares. Needham & Company LLC lifted their price objective on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group lifted their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods decreased their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Finally, Jefferies Financial Group lifted their price objective on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.71.

SoFi Technologies Stock Up 7.2 %

The firm has a fifty day moving average price of $8.52 and a 200 day moving average price of $7.51. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $11.96 billion, a price-to-earnings ratio of 112.20, a P/E/G ratio of 2.08 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data 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 positive return on equity of 2.25% and a negative net margin of 5.15%. The firm had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the sale, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,636 shares of company stock valued at $904,677. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently made changes to their positions in SOFI. Diversified Trust Co raised its position in shares of SoFi Technologies by 37.3% during the 1st quarter. Diversified Trust Co now owns 25,332 shares of the company’s stock valued at $185,000 after acquiring an additional 6,880 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after acquiring an additional 6,870,610 shares during the last quarter. Kovack Advisors Inc. increased its position in shares of SoFi Technologies by 6.4% in the 1st quarter. Kovack Advisors Inc. now owns 125,315 shares of the company’s stock valued at $915,000 after buying an additional 7,502 shares in the last quarter. Marshall Financial Group LLC bought a new stake in shares of SoFi Technologies in the 1st quarter valued at $89,000. Finally, Kesler Norman & Wride LLC bought a new stake in shares of SoFi Technologies in the 1st quarter valued at $80,000. 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.