SoFi Technologies (NASDAQ:SOFI) Shares Down 2.2% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was down 2.2% during mid-day trading on Wednesday . The company traded as low as $14.35 and last traded at $14.58. Approximately 10,510,121 shares were traded during trading, a decline of 74% from the average daily volume of 39,752,105 shares. The stock had previously closed at $14.91.

Wall Street Analyst Weigh In

SOFI has been the subject of several analyst reports. Jefferies Financial Group increased their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Bank of America reissued an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a research note on Monday, December 9th. Mizuho upped their price objective on SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Finally, The Goldman Sachs Group upped their price target 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. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.13.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a market capitalization of $15.35 billion, a P/E ratio of 141.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78. The business has a fifty day moving average of $14.96 and a 200-day moving average of $10.33.

SoFi Technologies (NASDAQ:SOFI) last posted 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 net margin of 8.38% and a return on equity of 3.71%. The business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same period last year, the firm posted ($0.03) earnings per share. The business’s revenue was up 29.8% on a year-over-year basis. On average, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.59, for a total transaction of $138,969.26. Following the sale, the executive vice president now owns 187,725 shares in the company, valued at approximately $2,926,632.75. The trade was a 4.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $16.03, for a total transaction of $386,417,705.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,009,264 shares of company stock valued at $416,889,795. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently made changes to their positions in SOFI. State Street Corp raised its stake in SoFi Technologies by 1.7% during the 3rd quarter. State Street Corp now owns 18,062,855 shares of the company’s stock valued at $141,974,000 after purchasing an additional 310,532 shares during the period. Geode Capital Management LLC grew its position in SoFi Technologies by 2.1% during the third quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company’s stock valued at $138,523,000 after purchasing an additional 358,806 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in SoFi Technologies by 263.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after buying an additional 9,482,683 shares during the period. Marshall Wace LLP lifted its position in SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after buying an additional 3,593,464 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of SoFi Technologies by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after buying an additional 87,097 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.