SoFi Technologies (NASDAQ:SOFI) Shares Down 1.9%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 1.9% on Tuesday . The company traded as low as $6.30 and last traded at $6.31. Approximately 10,041,288 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 47,544,770 shares. The stock had previously closed at $6.43.

Analyst Ratings Changes

SOFI has been the subject of a number of research reports. Wedbush reissued an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. BTIG Research initiated coverage on shares of SoFi Technologies in a report on Friday, June 7th. They issued a “neutral” rating for the company. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a report on Tuesday, April 30th. Finally, Jefferies Financial Group lowered their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average target price of $9.32.

SoFi Technologies Trading Up 0.3 %

The business’s 50-day moving average price is $6.92 and its two-hundred day moving average price is $7.67. The company has a market capitalization of $6.82 billion, a P/E ratio of -20.35, a PEG ratio of 1.53 and a beta of 1.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. As a group, analysts forecast that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the sale, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at approximately $2,906,704.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 stock was 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. In the last ninety days, insiders have purchased 88,390 shares of company stock valued at $597,569. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Waller Financial Planning Group Inc. bought a new stake in shares of SoFi Technologies during the 2nd quarter worth approximately $65,000. Pathway Financial Advisers LLC bought a new stake in shares of SoFi Technologies during the 1st quarter worth approximately $316,000. Soltis Investment Advisors LLC lifted its holdings in shares of SoFi Technologies by 16.5% during the 1st quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the company’s stock worth $295,000 after acquiring an additional 5,713 shares during the period. Cetera Advisors LLC lifted its holdings in shares of SoFi Technologies by 311.9% during the 1st quarter. Cetera Advisors LLC now owns 478,212 shares of the company’s stock worth $3,491,000 after acquiring an additional 362,114 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in shares of SoFi Technologies by 905.2% during the 1st quarter. Cetera Investment Advisers now owns 779,982 shares of the company’s stock worth $5,694,000 after acquiring an additional 702,385 shares during the period. Institutional investors and hedge funds 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.