SoFi Technologies (NASDAQ:SOFI) Cut to “Market Perform” at Citizens Jmp

SoFi Technologies (NASDAQ:SOFI) was downgraded by equities researchers at Citizens Jmp from a “strong-buy” rating to a “market perform” rating in a note issued to investors on Monday, MarketBeat Ratings reports.

SOFI has been the subject of a number of other research reports. Truist Financial assumed coverage on shares of SoFi Technologies in a research report on Monday, June 2nd. They issued a “hold” rating and a $14.00 price objective for the company. Stephens initiated coverage on SoFi Technologies in a report on Thursday, June 12th. They issued an “overweight” rating and a $20.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of SoFi Technologies in a research report on Wednesday, April 30th. UBS Group upped their price objective on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a “neutral” rating in a research note on Wednesday, April 30th. Finally, TD Cowen began coverage on shares of SoFi Technologies in a report on Friday. They issued a “hold” rating and a $21.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average target price of $16.41.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $21.33 on Monday. The firm has a market capitalization of $23.58 billion, a price-to-earnings ratio of 52.03, a price-to-earnings-growth ratio of 3.57 and a beta of 1.91. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The business’s 50 day simple moving average is $15.32 and its 200-day simple moving average is $14.21. SoFi Technologies has a 12 month low of $6.01 and a 12 month high of $21.86.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The firm had revenue of $763.81 million for the quarter, compared to analysts’ expectations of $739.93 million. During the same period in the prior year, the company earned $0.02 EPS. The firm’s revenue was up 32.7% on a year-over-year basis. As a group, equities analysts forecast that SoFi Technologies will post 0.26 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, EVP Kelli Keough sold 10,267 shares of SoFi Technologies stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.22, for a total transaction of $156,263.74. Following the sale, the executive vice president owned 255,467 shares of the company’s stock, valued at $3,888,207.74. The trade was a 3.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $15.55, for a total value of $1,039,470.85. Following the completion of the transaction, the chief technology officer owned 724,321 shares in the company, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 274,095 shares of company stock worth $3,939,168. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of SOFI. Berkshire Capital Holdings Inc. raised its stake in SoFi Technologies by 6,208,000.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 620,810 shares of the company’s stock valued at $9,560,000 after buying an additional 620,800 shares in the last quarter. CMG Global Holdings LLC raised its position in shares of SoFi Technologies by 77.8% during the 1st quarter. CMG Global Holdings LLC now owns 140,389 shares of the company’s stock valued at $1,728,000 after acquiring an additional 61,443 shares in the last quarter. Geode Capital Management LLC boosted its holdings in SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company’s stock worth $276,288,000 after purchasing an additional 315,899 shares during the period. Sowell Financial Services LLC bought a new stake in SoFi Technologies during the first quarter valued at $259,000. Finally, MFG Wealth Management Inc. raised its holdings in shares of SoFi Technologies by 27.7% during the first quarter. MFG Wealth Management Inc. now owns 156,277 shares of the company’s stock worth $1,818,000 after purchasing an additional 33,887 shares during the period. Institutional investors 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.