SoFi Technologies (NASDAQ:SOFI) Rating Lowered to Hold at Citigroup

SoFi Technologies (NASDAQ:SOFI) was downgraded by investment analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods dropped their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Finally, Barclays decreased their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and an average price target of $9.25.

SoFi Technologies Stock Performance

Shares of SOFI opened at $10.40 on Friday. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of -33.55, a PEG ratio of 1.72 and a beta of 1.70. SoFi Technologies has a 12 month low of $6.01 and a 12 month high of $10.54. The firm has a fifty day simple moving average of $7.99 and a 200 day simple moving average of $7.35. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The company had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter last year, the company earned ($0.06) EPS. SoFi Technologies’s revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts forecast that SoFi Technologies will post 0.1 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In related news, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now directly owns 114,407 shares in the company, valued at $830,594.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Kelli Keough sold 24,939 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. This trade represents a 0.00 % 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 this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,328 shares of company stock worth $808,246. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. ORG Partners LLC bought a new stake in shares of SoFi Technologies during the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC lifted its stake in SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of SoFi Technologies in the 1st quarter valued at $37,000. Finally, Waldron Private Wealth LLC acquired a new position in shares of SoFi Technologies during the 3rd quarter worth $39,000. Institutional investors and hedge funds 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.