SoFi Technologies (NASDAQ:SOFI) Shares Down 2.4% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 2.4% during trading on Thursday . The stock traded as low as $14.33 and last traded at $14.55. 28,645,045 shares were traded during mid-day trading, a decline of 34% from the average session volume of 43,555,871 shares. The stock had previously closed at $14.91.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Needham & Company LLC boosted their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Barclays increased their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. The Goldman Sachs Group raised their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their target price on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research report on Thursday, December 19th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.13.

SoFi Technologies Trading Down 2.4 %

The company has a fifty day simple moving average of $14.83 and a 200-day simple moving average of $10.24. The stock has a market cap of $15.79 billion, a price-to-earnings ratio of 145.51, a P/E/G ratio of 2.70 and a beta of 1.78. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The firm had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the business posted ($0.03) EPS. The company’s revenue was up 29.8% on a year-over-year basis. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.59, for a total transaction of $138,969.26. Following the completion of the sale, the executive vice president now owns 187,725 shares of the company’s stock, valued at $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 is available at this hyperlink. Also, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $16.06, for a total transaction of $28,242,361.18. Following the completion of the transaction, the director now directly owns 482,083 shares in the company, valued at $7,742,252.98. This trade represents a 78.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,009,264 shares of company stock valued at $416,889,795. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors have recently made changes to their positions in SOFI. Capital Performance Advisors LLP bought a new position in SoFi Technologies during the third quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new stake in shares of SoFi Technologies in the 3rd quarter valued at $28,000. Waldron Private Wealth LLC bought a new stake in SoFi Technologies in the third quarter worth $39,000. Gilliland Jeter Wealth Management LLC acquired a new position in SoFi Technologies during the third quarter worth $47,000. Finally, Strategic Financial Concepts LLC bought a new position in SoFi Technologies during the second quarter valued at about $66,000. 38.43% of the stock is currently 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.