SoFi Technologies (NASDAQ:SOFI) Shares Down 0.2% on Insider Selling

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was down 0.2% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $10.38 and last traded at $10.56. Approximately 10,280,983 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 45,668,723 shares. The stock had previously closed at $10.58.

Specifically, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the sale, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SOFI. Keefe, Bruyette & Woods dropped their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Barclays decreased their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $9.25.

SoFi Technologies Price Performance

The stock has a market cap of $11.56 billion, a P/E ratio of -35.26, a P/E/G ratio of 1.72 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The business has a 50 day simple moving average of $8.23 and a 200-day simple moving average of $7.42.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business had revenue of $598.60 million for the quarter, compared to the consensus estimate of $565.19 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. SoFi Technologies’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. lifted its holdings in SoFi Technologies by 4,252.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock valued at $585,000 after purchasing an additional 86,545 shares during the last quarter. Mark Asset Management LP raised its position in shares of SoFi Technologies by 79.9% in the second quarter. Mark Asset Management LP now owns 340,654 shares of the company’s stock valued at $2,252,000 after purchasing an additional 151,265 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of SoFi Technologies by 64.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company’s stock valued at $1,948,000 after buying an additional 115,316 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc boosted its holdings in SoFi Technologies by 233.3% in the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock worth $661,000 after buying an additional 70,000 shares during the period. Finally, Axxcess Wealth Management LLC purchased a new position in SoFi Technologies in the 1st quarter valued at approximately $185,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Company Profile

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.