SoFi Technologies (NASDAQ:SOFI) Shares Down 0.4% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 0.4% during mid-day trading on Tuesday . The stock traded as low as $15.83 and last traded at $15.84. Approximately 11,498,502 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 47,371,332 shares. The stock had previously closed at $15.91.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday. The Goldman Sachs Group boosted their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Jefferies Financial Group raised their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Mizuho upped their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and an average target price of $10.36.

SoFi Technologies Price Performance

The business’s fifty day simple moving average is $11.23 and its 200 day simple moving average is $8.53. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of 158.42, a PEG ratio of 2.73 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18.

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

Insiders Place Their Bets

In other news, CTO Jeremy Rishel sold 68,081 shares of the business’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 in the company, valued at $4,234,620.60. The trade was a 11.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,287 shares of company stock worth $863,250. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SOFI. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies during the third quarter worth about $27,000. Brooklyn Investment Group bought a new stake in shares of SoFi Technologies in the 3rd quarter worth approximately $28,000. Allspring Global Investments Holdings LLC lifted its stake in SoFi Technologies by 55.3% in the second 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 during the last quarter. Waldron Private Wealth LLC purchased a new stake in SoFi Technologies in the third quarter worth $39,000. Finally, GAMMA Investing LLC raised its stake in shares of SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares during the period. 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.