SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.3% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 0.3% during mid-day trading on Friday . The stock traded as low as $13.08 and last traded at $13.36. Approximately 15,997,068 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 47,435,617 shares. The stock had previously closed at $13.40.

Analyst Ratings Changes

A number of equities analysts have commented on SOFI shares. Barclays increased their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group increased their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Needham & Company LLC upped their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Jefferies Financial Group upped their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.32.

SoFi Technologies Stock Performance

The firm has a 50 day simple moving average of $9.70 and a 200-day simple moving average of $7.94. The company has a market cap of $14.53 billion, a price-to-earnings ratio of 136.30, a PEG ratio of 2.25 and a beta of 1.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.21.

SoFi Technologies (NASDAQ:SOFI) last issued 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. The firm had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. SoFi Technologies’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. As a group, analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In related news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. This represents a 17.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,636 shares of company stock worth $904,677. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SOFI. Capital Performance Advisors LLP purchased a new position in SoFi Technologies in the 3rd quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new position in SoFi Technologies during the 3rd quarter worth $28,000. Allspring Global Investments Holdings LLC increased its holdings in SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares during the period. GAMMA Investing LLC raised its position in SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares in the last quarter. Finally, Waldron Private Wealth LLC purchased a new position in shares of SoFi Technologies in the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

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.