SoFi Technologies (NASDAQ:SOFI) Shares Down 0.9% on Analyst Downgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 0.9% on Wednesday after Barclays lowered their price target on the stock from $10.00 to $8.00. Barclays currently has an equal weight rating on the stock. SoFi Technologies traded as low as $6.32 and last traded at $6.32. 8,064,280 shares were traded during mid-day trading, a decline of 83% from the average session volume of 46,641,020 shares. The stock had previously closed at $6.38.

A number of other brokerages also recently weighed in on SOFI. BTIG Research assumed coverage on shares of SoFi Technologies in a report on Friday, June 7th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods reduced their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday. Wedbush reissued an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday, July 2nd. Finally, Citigroup initiated coverage on SoFi Technologies in a research note on Monday, April 8th. They set a “buy” rating and a $11.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.29.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The disclosure for this sale can be found here. In the last three months, insiders have acquired 88,390 shares of company stock worth $597,569. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of SOFI. Wedmont Private Capital increased its position in shares of SoFi Technologies by 13.2% during the 4th quarter. Wedmont Private Capital now owns 12,068 shares of the company’s stock valued at $120,000 after purchasing an additional 1,411 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in SoFi Technologies by 2.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock worth $655,000 after purchasing an additional 1,498 shares during the period. Westside Investment Management Inc. boosted its position in shares of SoFi Technologies by 93.8% during the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after acquiring an additional 1,500 shares during the last quarter. EP Wealth Advisors LLC boosted its position in shares of SoFi Technologies by 0.4% during the 4th quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock valued at $3,751,000 after acquiring an additional 1,508 shares during the last quarter. Finally, River Street Advisors LLC boosted its position in shares of SoFi Technologies by 4.5% during the 4th quarter. River Street Advisors LLC now owns 35,414 shares of the company’s stock valued at $352,000 after acquiring an additional 1,526 shares during the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Trading Up 3.0 %

The stock has a market cap of $6.95 billion, a P/E ratio of -21.19, a P/E/G ratio of 1.48 and a beta of 1.70. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. The stock has a 50-day moving average price of $6.80 and a 200-day moving average price of $7.53.

SoFi Technologies (NASDAQ:SOFI) last released 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 company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. SoFi Technologies’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. On average, equities research analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

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.