SoFi Technologies (NASDAQ:SOFI) Trading Down 9.6% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was down 9.6% on Thursday . The company traded as low as $28.97 and last traded at $29.1020. Approximately 53,923,862 shares changed hands during trading, a decline of 16% from the average daily volume of 63,898,902 shares. The stock had previously closed at $32.21.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SOFI. Rothschild & Co Redburn began coverage on shares of SoFi Technologies in a research report on Friday, August 1st. They issued a “neutral” rating and a $20.50 price target on the stock. Needham & Company LLC upped their price target on shares of SoFi Technologies from $29.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Mizuho set a $38.00 price objective on SoFi Technologies in a research report on Thursday, October 30th. Keefe, Bruyette & Woods upped their target price on SoFi Technologies from $18.00 to $20.00 and gave the company an “underperform” rating in a research report on Wednesday, October 29th. Finally, Redburn Atlantic raised SoFi Technologies to a “hold” rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.06.

SoFi Technologies Price Performance

The stock has a market capitalization of $34.69 billion, a P/E ratio of 53.63, a price-to-earnings-growth ratio of 3.02 and a beta of 1.93. The business’s 50 day simple moving average is $28.01 and its two-hundred day simple moving average is $21.63. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.31.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.02. SoFi Technologies had a net margin of 19.29% and a return on equity of 5.12%. The business had revenue of $949.63 million for the quarter, compared to analysts’ expectations of $880.33 million. During the same quarter last year, the firm earned $0.05 EPS. The firm’s revenue for the quarter was up 37.7% compared to the same quarter last year. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. As a group, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 10,578 shares of SoFi Technologies stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $22.13, for a total transaction of $234,091.14. Following the transaction, the executive vice president directly owned 234,622 shares of the company’s stock, valued at $5,192,184.86. The trade was a 4.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 98,733 shares of the company’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the completion of the sale, the chief technology officer owned 759,553 shares of the company’s stock, valued at approximately $20,887,707.50. The trade was a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 129,383 shares of company stock worth $3,513,171. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of SOFI. Hazlett Burt & Watson Inc. lifted its holdings in SoFi Technologies by 2,200.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company’s stock worth $27,000 after acquiring an additional 2,200 shares during the period. Headlands Technologies LLC bought a new stake in shares of SoFi Technologies during the 1st quarter worth $28,000. SVB Wealth LLC bought a new position in SoFi Technologies during the first quarter valued at about $28,000. Salomon & Ludwin LLC purchased a new stake in SoFi Technologies during the third quarter worth about $29,000. Finally, SJS Investment Consulting Inc. raised its position in SoFi Technologies by 840.3% in the third quarter. SJS Investment Consulting Inc. now owns 1,119 shares of the company’s stock worth $30,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other 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.