SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.5% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 1.5% during trading on Wednesday . The company traded as low as $15.35 and last traded at $15.40. Approximately 29,175,662 shares changed hands during trading, a decline of 38% from the average daily volume of 47,335,980 shares. The stock had previously closed at $15.63.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOFI. The Goldman Sachs Group boosted their target price on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Morgan Stanley upped their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. Mizuho lifted their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. upped their price target 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. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.13.

SoFi Technologies Stock Down 8.2 %

The firm has a 50 day moving average of $14.52 and a 200-day moving average of $9.98. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock has a market capitalization of $15.33 billion, a P/E ratio of 141.31, a price-to-earnings-growth ratio of 2.70 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. SoFi Technologies’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.03) earnings per share. On average, equities research analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of the company’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total value of $1,021,658.52. Following the sale, the chief technology officer now directly owns 586,494 shares in the company, valued at $9,219,685.68. This represents a 9.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,590 shares of SoFi Technologies stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $14.56, for a total value of $139,630.40. Following the transaction, the executive vice president now directly owns 142,613 shares of the company’s stock, valued at approximately $2,076,445.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,009,264 shares of company stock valued at $416,889,795. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in SoFi Technologies in the third quarter valued at about $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies in the third quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after acquiring an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC bought a new stake in SoFi Technologies during the 3rd quarter worth approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in SoFi Technologies during the 3rd quarter valued at $47,000. 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.