SoFi Technologies (NASDAQ:SOFI) Shares Down 0.5%

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 0.5% on Monday . The stock traded as low as $7.81 and last traded at $7.99. 40,858,699 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 46,144,703 shares. The stock had previously closed at $8.03.

Analyst Ratings Changes

Several research firms have recently weighed in on SOFI. Barclays lowered their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a report on Wednesday, July 31st. BTIG Research began coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They set a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods reduced their price target 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and an average price target of $9.14.

SoFi Technologies Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of -25.77, a P/E/G ratio of 1.62 and a beta of 1.70. The business’s 50-day simple moving average is $7.02 and its 200-day simple moving average is $7.23.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (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 2.25%. The company had revenue of $598.60 million for the quarter, compared to the consensus estimate of $565.19 million. During the same period in the prior year, the company posted ($0.06) EPS. The company’s revenue was up 20.2% compared to the same quarter last year. On average, research analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, CEO Anthony Noto purchased 30,715 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average cost of $6.48 per share, for a total transaction of $199,033.20. Following the transaction, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at approximately $52,629,549.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Anthony Noto purchased 30,715 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average cost of $6.48 per share, for a total transaction of $199,033.20. Following the transaction, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at approximately $52,629,549.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of the 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 disclosure for this sale can be found here. Insiders have sold 19,921,285 shares of company stock worth $135,057,462 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. GAMMA Investing LLC bought a new stake in SoFi Technologies during the 4th quarter worth approximately $27,000. ORG Partners LLC bought a new stake in SoFi Technologies during the 1st quarter worth approximately $27,000. Tortoise Investment Management LLC bought a new stake in SoFi Technologies during the 4th quarter worth approximately $39,000. Vermillion & White Wealth Management Group LLC bought a new stake in SoFi Technologies during the 4th quarter worth approximately $40,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 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 acquiring an additional 1,543 shares in the last quarter. 38.43% of the stock is owned by institutional investors.

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.