SoFi Technologies (NASDAQ:SOFI) Shares Gap Down – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $11.19, but opened at $10.75. SoFi Technologies shares last traded at $9.86, with a volume of 45,200,871 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Jefferies Financial Group raised their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. The Goldman Sachs Group increased their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday. Barclays raised their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday. Keefe, Bruyette & Woods lowered their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Finally, Needham & Company LLC boosted their target price on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $9.71.

SoFi Technologies Stock Performance

The firm’s fifty day moving average price is $8.52 and its 200-day moving average price is $7.51. The company has a market cap of $11.96 billion, a P/E ratio of 112.20, a P/E/G ratio of 2.08 and a beta of 1.70. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The firm had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same period in the previous year, the company posted ($0.03) earnings per share. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. As a group, research analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,636 shares of company stock worth $904,677 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors have recently added to or reduced their stakes in SOFI. ORG Partners LLC acquired a new stake in shares of SoFi Technologies during the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased 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 purchasing an additional 1,543 shares in the last quarter. GAMMA Investing LLC raised its position in SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares during the last quarter. Waldron Private Wealth LLC acquired a new position in SoFi Technologies in the third quarter worth $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of SoFi Technologies during the third quarter worth $47,000. 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.