SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were down 3% during trading on Wednesday . The stock traded as low as $17.45 and last traded at $17.37. Approximately 20,163,531 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 40,458,000 shares. The stock had previously closed at $17.90.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SOFI. The Goldman Sachs Group increased their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Barclays boosted their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. William Blair reiterated an “outperform” rating on shares of SoFi Technologies in a research report on Friday. Finally, Needham & Company LLC boosted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.71.

SoFi Technologies Price Performance

The stock has a market capitalization of $19.45 billion, a PE ratio of 179.22, a PEG ratio of 1.19 and a beta of 1.78. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $15.62 and its 200-day moving average price is $10.94.

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

Insider Activity

In other news, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total value of $156,708.12. Following the transaction, the executive vice president now directly owns 178,811 shares in the company, valued at approximately $3,143,497.38. This represents a 4.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the transaction, the chief technology officer now directly owns 586,494 shares in the company, valued at $9,219,685.68. This represents a 9.98 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,008,870 shares of company stock valued at $416,950,073. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Investment Advisers LLC lifted its holdings in shares of SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after buying an additional 1,905 shares during the period. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies in the third quarter worth about $27,000. Brooklyn Investment Group bought a new position in SoFi Technologies during the 3rd quarter worth about $28,000. Waldron Private Wealth LLC purchased a new position in SoFi Technologies during the 3rd quarter valued at about $39,000. Finally, AdvisorNet Financial Inc raised its holdings in shares of SoFi Technologies by 63.5% in the 4th quarter. AdvisorNet Financial Inc now owns 5,486 shares of the company’s stock valued at $84,000 after purchasing an additional 2,130 shares in the last quarter. Institutional investors 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.