SoFi Technologies (NASDAQ:SOFI) Shares Down 1.1%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was down 1.1% during trading on Tuesday . The stock traded as low as $7.36 and last traded at $7.38. Approximately 12,538,796 shares changed hands during trading, a decline of 73% from the average daily volume of 46,138,180 shares. The stock had previously closed at $7.46.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Barclays lowered their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. BTIG Research started coverage on shares of SoFi Technologies in a report on Friday, June 7th. They set a “neutral” rating for the company. Wedbush reissued an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods decreased their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.20.

SoFi Technologies Price Performance

The firm has a fifty day moving average price of $6.85 and a two-hundred day moving average price of $7.25. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $7.60 billion, a P/E ratio of -23.32, a P/E/G ratio of 1.45 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity

In other news, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction that occurred 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 the SEC website. Also, CEO Anthony Noto purchased 30,715 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were acquired at an average price of $6.48 per share, for a total transaction of $199,033.20. Following the purchase, the chief executive officer now directly owns 8,121,844 shares in the company, valued at $52,629,549.12. The disclosure for this purchase can be found here. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently added to or reduced their stakes in SOFI. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies in the fourth quarter valued at about $27,000. ORG Partners LLC bought a new stake in SoFi Technologies during the 1st quarter valued at approximately $27,000. Tortoise Investment Management LLC purchased a new position in SoFi Technologies in the 4th quarter worth approximately $39,000. Vermillion & White Wealth Management Group LLC bought a new position in SoFi Technologies in the 4th quarter worth approximately $40,000. Finally, Allspring Global Investments Holdings LLC grew its holdings 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 valued at $29,000 after buying an additional 1,543 shares in the last quarter. Hedge funds and other 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.