SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2.4% – Should You Sell?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was down 2.4% on Monday . The company traded as low as $15.42 and last traded at $15.59. Approximately 10,052,024 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 47,319,801 shares. The stock had previously closed at $15.98.

Analyst Ratings Changes

SOFI has been the subject of several recent analyst reports. Needham & Company LLC boosted their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.04.

SoFi Technologies Price Performance

The company has a market cap of $17.12 billion, a PE ratio of 157.82, a price-to-earnings-growth ratio of 2.70 and a beta of 1.77. The firm has a 50 day simple moving average of $14.15 and a 200-day simple moving average of $9.79. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

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

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now directly owns 586,494 shares of the company’s stock, valued at $9,219,685.68. This trade represents a 9.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at $1,576,823.08. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,009,264 shares of company stock worth $416,889,795 in the last 90 days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the company. 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 worth $48,306,000 after acquiring an additional 87,097 shares in the last quarter. Zacks Investment Management purchased a new stake in shares of SoFi Technologies in the third quarter valued at approximately $3,766,000. Citizens Financial Group Inc. RI raised its stake in shares of SoFi Technologies by 41.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock worth $1,892,000 after buying an additional 70,603 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in SoFi Technologies by 214.9% in 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 acquiring an additional 2,688,847 shares during the period. Finally, Qsemble Capital Management LP purchased a new stake in SoFi Technologies in the 3rd quarter worth $930,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.