SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 1.6% on Tuesday . The stock traded as low as $13.37 and last traded at $13.89. 28,081,752 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 47,411,168 shares. The stock had previously closed at $14.11.

Analyst Ratings Changes

Several research firms have recently weighed in on SOFI. Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Needham & Company LLC upped their price target 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. Finally, Jefferies Financial Group upped their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.32.

SoFi Technologies Trading Down 0.7 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.21 and a current ratio of 0.49. The company has a market capitalization of $14.28 billion, a price-to-earnings ratio of 134.11, a P/E/G ratio of 2.30 and a beta of 1.60. The business’s 50-day simple moving average is $9.44 and its 200-day simple moving average is $7.85.

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

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of the 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 sale, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This trade represents a 11.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the sale, the executive vice president now directly owns 114,407 shares in the company, valued at $830,594.82. This trade represents a 17.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Jeremy Rishel sold 68,081 shares of the 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 sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,636 shares of company stock worth $904,677 in the last ninety days. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Large investors have recently bought and sold shares of the business. Capital Performance Advisors LLP bought a new stake in SoFi Technologies during the 3rd quarter worth approximately $27,000. Brooklyn Investment Group bought a new stake in SoFi Technologies during the 3rd quarter worth approximately $28,000. Allspring Global Investments Holdings LLC increased its stake in 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 in the last quarter. Waldron Private Wealth LLC bought a new stake in SoFi Technologies during the 3rd quarter worth approximately $39,000. Finally, GAMMA Investing LLC increased its stake in 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 in the last quarter. 38.43% of the stock is 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.