SoFi Technologies (NASDAQ:SOFI) Shares Down 1.9%

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were down 1.9% during mid-day trading on Tuesday . The stock traded as low as $6.30 and last traded at $6.31. Approximately 10,041,288 shares traded hands during trading, a decline of 79% from the average daily volume of 47,544,770 shares. The stock had previously closed at $6.43.

Analyst Ratings Changes

Several equities analysts recently issued reports on SOFI shares. Jefferies Financial Group reduced their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft cut their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. BTIG Research started coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They set a “neutral” rating on the stock. Finally, Wedbush reaffirmed an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average target price of $9.32.

SoFi Technologies Stock Performance

The stock’s fifty day moving average is $6.92 and its two-hundred day moving average is $7.67. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of -20.35, a price-to-earnings-growth ratio of 1.53 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.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The business’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the business earned ($0.05) EPS. Analysts forecast that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

Insider Activity at SoFi Technologies

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

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently bought and sold shares of the stock. Wedmont Private Capital increased its stake in 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 buying an additional 1,411 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of SoFi Technologies by 2.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock valued at $655,000 after buying an additional 1,498 shares in the last quarter. Westside Investment Management Inc. lifted 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 lifted 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 lifted 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. 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.