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

SoFi Technologies, Inc. (NASDAQ:SOFI) shares gapped down before the market opened on Thursday . The stock had previously closed at $15.40, but opened at $15.00. SoFi Technologies shares last traded at $14.86, with a volume of 22,730,920 shares.

Analyst Ratings Changes

SOFI has been the topic of several research analyst reports. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. JPMorgan Chase & Co. lifted their price target on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Keefe, Bruyette & Woods restated 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. Bank of America reiterated an “underperform” rating and set a $12.00 price target on shares of SoFi Technologies in a research report on Monday, December 9th. Finally, Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.13.

SoFi Technologies Trading Down 5.3 %

The firm has a market cap of $15.83 billion, a PE ratio of 145.91, a P/E/G ratio of 2.70 and a beta of 1.77. The company has a 50 day simple moving average of $14.45 and a two-hundred day simple moving average of $9.95. 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 posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $631.59 million. During the same period last year, the firm posted ($0.03) earnings per share. The company’s revenue was up 29.8% compared to the same quarter last year. Analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, EVP Kelli Keough sold 8,914 shares of the firm’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 sale, the executive vice president now directly owns 187,725 shares in the company, valued at approximately $2,926,632.75. This trade represents a 4.53 % decrease in their position. The sale was disclosed in a 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 stock was acquired at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the purchase, the executive vice president now owns 46,105 shares of the company’s stock, valued at approximately $753,355.70. This represents a 197.36 % increase in their position. 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 Investors Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of SOFI. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies in the 3rd quarter worth about $27,000. Brooklyn Investment Group acquired a new stake in shares of SoFi Technologies during the 3rd quarter worth approximately $28,000. Allspring Global Investments Holdings LLC raised its stake in shares of SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after buying an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC bought a new position in SoFi Technologies during the third quarter worth about $39,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new position in SoFi Technologies during the third quarter worth $47,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.