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

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $13.07, but opened at $12.61. SoFi Technologies shares last traded at $12.47, with a volume of 12,917,419 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SOFI. UBS Group lifted their price objective on SoFi Technologies from $10.50 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. JPMorgan Chase & Co. boosted their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. William Blair reissued an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. Dbs Bank upgraded shares of SoFi Technologies to a “strong-buy” rating in a report on Friday, February 21st. Finally, Bank of America reiterated an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and an average price target of $12.50.

SoFi Technologies Stock Performance

The company has a market capitalization of $13.69 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 2.24 and a beta of 1.79. 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 stock has a 50 day simple moving average of $14.60 and a two-hundred day simple moving average of $13.14.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same quarter last year, the firm posted $0.04 EPS. As a group, analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the sale, the chief technology officer now owns 655,118 shares in the company, valued at approximately $8,280,691.52. The trade was a 9.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kelli Keough sold 9,185 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $15.43, for a total value of $141,724.55. Following the completion of the sale, the executive vice president now directly owns 169,626 shares of the company’s stock, valued at $2,617,329.18. The trade was a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,905 shares of company stock valued at $1,308,075 over the last ninety days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds have recently modified their holdings of the business. Skandinaviska Enskilda Banken AB publ purchased a new stake in SoFi Technologies in the 4th quarter valued at $27,000. Brooklyn Investment Group purchased a new stake in shares of SoFi Technologies in the third quarter valued at about $28,000. Hollencrest Capital Management acquired a new stake in shares of SoFi Technologies during the fourth quarter worth about $31,000. Mpwm Advisory Solutions LLC purchased a new position in shares of SoFi Technologies during the fourth quarter worth about $32,000. Finally, FNY Investment Advisers LLC grew its holdings in shares of SoFi Technologies by 727.1% during the fourth quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after buying an additional 1,905 shares during the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.