SoFi Technologies (NASDAQ:SOFI) Stock Breaks Below 50 Day Moving Average – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $16.41 and traded as low as $15.43. SoFi Technologies shares last traded at $16.04, with a volume of 77,555,133 shares.

More SoFi Technologies News

Here are the key news stories impacting SoFi Technologies this week:

• Positive Sentiment: An analyst upgrade was followed by a rise in SOFI shares. Zacks also raised its rating to #2 (Buy), citing improving earnings prospects; the articles indicate that stronger expectations are supporting investor sentiment. Zacks rating upgrade article
• Positive Sentiment: Truist forecast strong potential appreciation for SoFi, adding to the favorable analyst outlook. Truist forecast article
• Neutral Sentiment: SoFi has a record of beating revenue targets, but one article cautions that its valuation carries a steep premium, which could limit gains if growth or earnings expectations disappoint. SoFi valuation article
• Negative Sentiment: On Nov. 5, crypto weakness and a broader fintech selloff weighed on SoFi and peers. The coverage also cited political uncertainty in Washington as a headwind for retail-facing fintech stocks, underscoring the potential for continued volatility. Fintech selloff article

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SOFI. The Goldman Sachs Group set a $15.00 target price on SoFi Technologies in a research note on Tuesday, October 13th. UBS Group upped their price target on SoFi Technologies from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, October 29th. Stonex Financial upgraded SoFi Technologies to a “strong-buy” rating in a report on Monday, October 12th. Truist Financial increased their price target on SoFi Technologies from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday. Finally, Monness Crespi & Hardt initiated coverage on SoFi Technologies in a research note on Monday, October 26th. They issued a “buy” rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and an average target price of $21.27.

SoFi Technologies Price Performance

The firm has a market capitalization of $20.72 billion, a PE ratio of 29.16, a price-to-earnings-growth ratio of 1.08 and a beta of 2.25. The business has a 50-day moving average of $16.41 and a 200 day moving average of $17.69. The company has a current ratio of 0.74, a quick ratio of 0.10 and a debt-to-equity ratio of 0.30.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.25 billion. SoFi Technologies had a return on equity of 6.89% and a net margin of 15.60%. The business’s revenue was up 44.4% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. As a group, research analysts anticipate that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

Insider Activity

In other news, CTO Jeremy Rishel sold 18,624 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $17.50, for a total value of $325,920.00. Following the completion of the sale, the chief technology officer owned 912,650 shares in the company, valued at $15,971,375. This represents a 2.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 10,203 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $14.72, for a total transaction of $150,188.16. Following the transaction, the executive vice president directly owned 397,870 shares in the company, valued at $5,856,646.40. The trade was a 2.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 50,316 shares of company stock valued at $852,605. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in SoFi Technologies in the 2nd quarter worth approximately $1,298,925,000. Bank of America Corp DE purchased a new position in SoFi Technologies in the 2nd quarter valued at approximately $163,808,000. D.A. Davidson & CO. raised its holdings in SoFi Technologies by 22.2% during the 1st quarter. D.A. Davidson & CO. now owns 267,848 shares of the company’s stock valued at $4,253,000 after acquiring an additional 48,682 shares during the period. Illinois Municipal Retirement Fund raised its holdings in SoFi Technologies by 24.7% during the 1st quarter. Illinois Municipal Retirement Fund now owns 189,849 shares of the company’s stock valued at $3,015,000 after acquiring an additional 37,554 shares during the period. Finally, Wealthfront Advisers LLC bought a new stake in SoFi Technologies during the 2nd quarter valued at $4,239,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.

SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.