Bank of America Reaffirms “Underperform” Rating for SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underperform” rating reissued by equities research analysts at Bank of America in a note issued to investors on Monday,Benzinga reports. They currently have a $12.00 price target on the stock. Bank of America‘s price objective suggests a potential downside of 25.09% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group upped their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Needham & Company LLC upped their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Mizuho upped their price objective on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Barclays upped their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and an average price target of $10.50.

SoFi Technologies Price Performance

NASDAQ:SOFI opened at $16.02 on Monday. The stock has a market capitalization of $17.38 billion, a PE ratio of 160.22, a P/E/G ratio of 2.66 and a beta of 1.77. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $16.61. The firm has a fifty day simple moving average of $12.04 and a 200 day simple moving average of $8.84. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data 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 return on equity of 3.71% and a net margin of 8.38%. The firm had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same quarter in the prior year, the company earned ($0.03) earnings per share. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, research analysts expect that SoFi Technologies will post 0.12 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 stock was 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 directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 5.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The trade was a 11.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,960,748 shares of company stock valued at $415,523,316. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new position in shares of SoFi Technologies during the third quarter valued at $27,000. Brooklyn Investment Group acquired a new position in SoFi Technologies during the 3rd quarter worth about $28,000. Allspring Global Investments Holdings LLC lifted 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 worth $29,000 after buying an additional 1,543 shares during the period. Waldron Private Wealth LLC acquired a new stake in shares of SoFi Technologies in the third quarter valued at about $39,000. Finally, GAMMA Investing LLC lifted 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 worth $33,000 after acquiring an additional 1,981 shares during the period. 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.