SoFi Technologies (NASDAQ:SOFI) Shares Gap Down – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $15.40, but opened at $15.00. SoFi Technologies shares last traded at $14.86, with a volume of 22,730,920 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SOFI shares. Bank of America reaffirmed an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a research report on Monday, December 9th. Barclays upped their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price objective (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday. Needham & Company LLC upped their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $11.13.

SoFi Technologies Stock Up 5.0 %

The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $16.10 billion, a price-to-earnings ratio of 148.41, a P/E/G ratio of 2.70 and a beta of 1.77. The stock has a 50 day moving average of $14.59 and a 200 day moving average of $10.04.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the firm earned ($0.03) EPS. The business’s revenue was up 29.8% on a year-over-year basis. As a group, analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, EVP Kelli Keough sold 8,914 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.59, for a total value of $138,969.26. Following the sale, the executive vice president now owns 187,725 shares of the company’s stock, valued at approximately $2,926,632.75. This trade represents a 4.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 64,991 shares of the company’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total value of $1,021,658.52. Following the transaction, the chief technology officer now owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. The trade was a 9.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,009,264 shares of company stock worth $416,889,795 over the last 90 days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SOFI. Capital Performance Advisors LLP bought a new stake in SoFi Technologies during the 3rd quarter valued at $27,000. Brooklyn Investment Group acquired a new position in shares of SoFi Technologies during the third quarter valued at $28,000. Allspring Global Investments Holdings LLC raised its stake in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC acquired a new stake in SoFi Technologies in the third quarter worth about $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in SoFi Technologies in the 3rd quarter valued at about $47,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.