SoFi Technologies (NASDAQ:SOFI) Shares Down 0.3% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded down 0.3% on Friday . The company traded as low as $13.08 and last traded at $13.36. 15,997,068 shares were traded during mid-day trading, a decline of 66% from the average session volume of 47,435,617 shares. The stock had previously closed at $13.40.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SOFI. Jefferies Financial Group boosted their target price 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. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. The Goldman Sachs Group boosted their target price on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays increased their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.32.

SoFi Technologies Stock Performance

The company has a current ratio of 0.49, a quick ratio of 0.21 and a debt-to-equity ratio of 0.52. The stock has a market cap of $14.53 billion, a price-to-earnings ratio of 136.30, a PEG ratio of 2.25 and a beta of 1.60. The stock’s 50 day moving average is $9.70 and its two-hundred day moving average is $7.94.

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

Insider Activity

In other news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The trade was a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the transaction, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at $1,576,823.08. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,636 shares of company stock valued at $904,677. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in shares of SoFi Technologies in the third quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new stake in SoFi Technologies in the third quarter valued at $28,000. Allspring Global Investments Holdings LLC grew 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 period. GAMMA Investing LLC increased its holdings 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 in the last quarter. Finally, Waldron Private Wealth LLC acquired a new stake in shares of SoFi Technologies in the third quarter valued at about $39,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.