SoFi Technologies (NASDAQ:SOFI) Shares Gap Down to $7.87

SoFi Technologies, Inc. (NASDAQ:SOFI) shares gapped down before the market opened on Monday . The stock had previously closed at $7.87, but opened at $7.37. SoFi Technologies shares last traded at $7.08, with a volume of 47,322,436 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Morgan Stanley reiterated an “underweight” rating and set a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Jefferies Financial Group decreased their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, March 26th. Mizuho dropped their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Finally, Citigroup began coverage on SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 price objective for the company. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $9.08.

SoFi Technologies Stock Down 3.8 %

The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.23 and a current ratio of 1.04. The stock’s fifty day simple moving average is $7.58 and its two-hundred day simple moving average is $7.87. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of -17.84 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. On average, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of the sale, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds have recently made changes to their positions in SOFI. Norges Bank acquired a new stake in SoFi Technologies during the 4th quarter valued at $71,349,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in SoFi Technologies by 176.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after buying an additional 6,870,610 shares during the period. Vanguard Group Inc. lifted its stake in SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after acquiring an additional 5,057,233 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in SoFi Technologies during the 4th quarter worth about $38,595,000. Finally, Nikko Asset Management Americas Inc. grew its stake in SoFi Technologies by 241.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,896,692 shares of the company’s stock valued at $38,733,000 after acquiring an additional 2,755,197 shares in the last quarter. 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.