SoFi Technologies (NASDAQ:SOFI) Shares Down 2.3% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was down 2.3% during mid-day trading on Wednesday . The stock traded as low as $13.05 and last traded at $13.23. Approximately 10,202,085 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 44,468,832 shares. The stock had previously closed at $13.54.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Dbs Bank raised shares of SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. upped their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Finally, UBS Group raised their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Price Performance

The company’s 50-day moving average is $14.51 and its two-hundred day moving average is $13.14. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The firm has a market cap of $13.32 billion, a P/E ratio of 32.75, a PEG ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period in the prior year, the company posted $0.04 EPS. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares in the company, valued at approximately $8,280,691.52. This represents a 9.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total transaction of $156,708.12. Following the completion of the sale, the executive vice president now owns 178,811 shares of the company’s stock, valued at $3,143,497.38. This represents a 4.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,905 shares of company stock worth $1,308,075. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of SOFI. Berkshire Capital Holdings Inc. raised its stake in SoFi Technologies by 6,208,000.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 620,810 shares of the company’s stock worth $9,560,000 after buying an additional 620,800 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of SoFi Technologies during the fourth quarter worth approximately $3,703,000. Hanseatic Management Services Inc. bought a new position in shares of SoFi Technologies in the 4th quarter worth $1,116,000. Kercheville Advisors LLC acquired a new stake in SoFi Technologies in the 4th quarter valued at $1,594,000. Finally, Charles Schwab Investment Management Inc. increased its stake in SoFi Technologies by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after purchasing an additional 87,097 shares in the last quarter. 38.43% of the stock is owned by 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.