SoFi Technologies (NASDAQ:SOFI) Shares Down 1.6% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 1.6% during mid-day trading on Wednesday . The company traded as low as $9.94 and last traded at $10.02. Approximately 17,826,934 shares changed hands during trading, a decline of 61% from the average daily volume of 45,740,363 shares. The stock had previously closed at $10.18.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SOFI shares. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a report on Wednesday, July 31st. Barclays cut their target price on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods cut their price objective on 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 issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Price Performance

The stock’s 50-day moving average is $7.71 and its two-hundred day moving average is $7.27. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $10.57 billion, a PE ratio of -32.32, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting 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 business had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. During the same period last year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts predict that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,328 shares of company stock worth $808,246. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SOFI. Vanguard Group Inc. boosted its stake in shares of SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after buying an additional 5,057,233 shares during the period. HighPoint Advisor Group LLC acquired a new position in SoFi Technologies during the fourth quarter worth approximately $1,160,000. Banque Cantonale Vaudoise lifted its stake in shares of SoFi Technologies by 16.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 14,500 shares of the company’s stock valued at $107,000 after purchasing an additional 2,000 shares in the last quarter. SOA Wealth Advisors LLC. lifted its position in SoFi Technologies by 61.2% during the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after buying an additional 1,713 shares in the last quarter. Finally, Anderson Hoagland & Co. lifted its holdings in shares of SoFi Technologies by 11.2% during the 1st quarter. Anderson Hoagland & Co. now owns 445,977 shares of the company’s stock valued at $3,372,000 after acquiring an additional 44,976 shares in the last quarter. Hedge funds and other 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.