SoFi Technologies (NASDAQ:SOFI) Shares Down 1.5% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 1.5% during mid-day trading on Monday . The company traded as low as $27.11 and last traded at $27.55. 59,710,136 shares traded hands during mid-day trading, a decline of 2% from the average daily volume of 61,109,770 shares. The stock had previously closed at $27.98.

Analyst Upgrades and Downgrades

SOFI has been the subject of several recent research reports. JMP Securities reaffirmed a “market perform” rating and issued a $17.00 price target on shares of SoFi Technologies in a report on Monday, July 14th. TD Cowen initiated coverage on SoFi Technologies in a report on Friday, July 11th. They issued a “hold” rating and a $21.00 price target for the company. Truist Financial set a $23.00 price target on SoFi Technologies in a report on Monday, August 4th. JPMorgan Chase & Co. increased their price target on SoFi Technologies from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, August 20th. Finally, Citizens Jmp cut shares of SoFi Technologies from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, SoFi Technologies presently has a consensus rating of “Hold” and a consensus target price of $20.18.

SoFi Technologies Trading Down 1.5%

The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of 57.40, a PEG ratio of 3.32 and a beta of 1.93. The business’s 50-day simple moving average is $24.54 and its two-hundred day simple moving average is $17.74. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.44%. The business had revenue of $519.37 million during the quarter, compared to analysts’ expectations of $801.94 million. During the same period last year, the business earned $0.01 earnings per share. The business’s revenue for the quarter was up 42.8% on a year-over-year basis. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. Equities analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 98,733 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the sale, the chief technology officer owned 759,553 shares of the company’s stock, valued at approximately $20,887,707.50. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 10,036 shares of the firm’s stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $27.86, for a total transaction of $279,602.96. Following the completion of the transaction, the executive vice president directly owned 285,410 shares of the company’s stock, valued at approximately $7,951,522.60. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 129,614 shares of company stock valued at $3,452,672. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of SoFi Technologies by 0.8% in the second quarter. Vanguard Group Inc. now owns 100,287,485 shares of the company’s stock valued at $1,826,235,000 after acquiring an additional 820,190 shares in the last quarter. Norges Bank purchased a new stake in SoFi Technologies during the 2nd quarter worth about $164,068,000. Marshall Wace LLP increased its holdings in SoFi Technologies by 88.2% during the 2nd quarter. Marshall Wace LLP now owns 7,997,146 shares of the company’s stock worth $145,628,000 after purchasing an additional 3,748,817 shares during the period. Charles Schwab Investment Management Inc. raised its position in SoFi Technologies by 2.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,628,309 shares of the company’s stock valued at $120,702,000 after purchasing an additional 155,583 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of SoFi Technologies in the 2nd quarter valued at about $115,188,000. Institutional investors and hedge funds 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.