SoFi Technologies (NASDAQ:SOFI) Downgraded to “Hold” at Citigroup

Citigroup downgraded shares of SoFi Technologies (NASDAQ:SOFI) from a strong-buy rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

Several other equities research analysts have also recently commented on the stock. Barclays dropped their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods cut their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.25.

SoFi Technologies Price Performance

Shares of SoFi Technologies stock opened at $10.40 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $7.99 and its two-hundred day moving average price is $7.35. SoFi Technologies has a 52 week low of $6.01 and a 52 week high of $10.54. The stock has a market cap of $11.00 billion, a PE ratio of -33.55, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same period in the previous year, the business earned ($0.06) earnings per share. SoFi Technologies’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that SoFi Technologies will post 0.1 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company’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 transaction, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the company’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 transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,328 shares of company stock valued at $808,246. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. ORG Partners LLC acquired a new position in shares of SoFi Technologies during the 1st quarter worth $27,000. Allspring Global Investments Holdings LLC increased its stake in shares of SoFi Technologies by 55.3% during the 2nd 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% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after purchasing an additional 1,981 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of SoFi Technologies during the 1st quarter worth $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.

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.