SoFi Technologies (NASDAQ:SOFI) Shares Down 3.4% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price traded down 3.4% on Friday . The stock traded as low as $15.80 and last traded at $16.03. 13,657,760 shares traded hands during trading, a decline of 71% from the average session volume of 47,396,754 shares. The stock had previously closed at $16.60.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Mizuho boosted their target price on SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. upped their price objective on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Barclays lifted their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group increased their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, Morgan Stanley lifted their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research report on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.04.

SoFi Technologies Stock Down 3.7 %

The stock has a market capitalization of $17.34 billion, a P/E ratio of 159.82, a price-to-earnings-growth ratio of 2.70 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock has a fifty day moving average price of $14.15 and a 200 day moving average price of $9.77.

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

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the transaction, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Eric Schuppenhauer bought 30,600 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were bought at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the purchase, the executive vice president now directly owns 46,105 shares in the company, valued at approximately $753,355.70. This represents a 197.36 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 26,009,264 shares of company stock valued at $416,889,795. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Captrust Financial Advisors grew its stake in shares of SoFi Technologies by 2.8% in the 3rd quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock worth $233,000 after buying an additional 809 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in SoFi Technologies by 0.3% in the third quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company’s stock worth $2,204,000 after acquiring an additional 855 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of SoFi Technologies by 3.5% in the third quarter. CIBC Asset Management Inc now owns 28,409 shares of the company’s stock worth $223,000 after acquiring an additional 962 shares during the last quarter. Oak Harbor Wealth Partners LLC increased its holdings in shares of SoFi Technologies by 10.0% during the third quarter. Oak Harbor Wealth Partners LLC now owns 11,000 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Stratos Wealth Advisors LLC raised its position in shares of SoFi Technologies by 3.3% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company’s stock worth $256,000 after purchasing an additional 1,054 shares during the last quarter. 38.43% of the stock is currently owned by 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.