SoFi Technologies (NASDAQ:SOFI) Shares Down 3% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 3% during trading on Wednesday . The stock traded as low as $17.45 and last traded at $17.37. Approximately 20,163,531 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 40,458,000 shares. The stock had previously closed at $17.90.

Wall Street Analyst Weigh In

SOFI has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research note on Thursday, December 19th. Mizuho raised their target price on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Citigroup boosted their price target on shares of SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Bank of America restated an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a report on Monday, December 9th. Finally, The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.71.

SoFi Technologies Stock Down 0.6 %

The stock’s fifty day moving average is $15.62 and its two-hundred day moving average is $10.94. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The firm has a market cap of $19.45 billion, a P/E ratio of 179.22, a price-to-earnings-growth ratio of 1.19 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. During the same quarter last year, the business posted ($0.03) earnings per share. The firm’s revenue was up 29.8% compared to the same quarter last year. As a group, research analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 9,590 shares of SoFi Technologies stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total transaction of $139,630.40. Following the completion of the sale, the executive vice president now owns 142,613 shares of the company’s stock, valued at $2,076,445.28. The trade was a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Eric Schuppenhauer purchased 30,600 shares of SoFi Technologies stock in a transaction on Monday, December 16th. The shares were acquired at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the transaction, the executive vice president now directly owns 46,105 shares of the company’s stock, valued at approximately $753,355.70. The trade was a 197.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 26,008,870 shares of company stock worth $416,950,073. Insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of SoFi Technologies by 263.3% during the second 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 grew its position in SoFi Technologies by 130.0% during the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in SoFi Technologies by 214.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after purchasing an additional 2,688,847 shares in the last quarter. Quadrature Capital Ltd bought a new position in SoFi Technologies in the 3rd quarter valued at approximately $16,014,000. Finally, Zacks Investment Management purchased a new stake in shares of SoFi Technologies during the third quarter valued at $3,766,000. Hedge funds and other 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.