SoFi Technologies (NASDAQ:SOFI) Shares Down 2.2%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 2.2% during mid-day trading on Wednesday . The stock traded as low as $7.15 and last traded at $7.27. Approximately 12,799,759 shares traded hands during trading, a decline of 73% from the average daily volume of 46,612,012 shares. The stock had previously closed at $7.43.

Wall Street Analyst Weigh In

SOFI has been the subject of several analyst reports. Keefe, Bruyette & Woods lowered their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays lowered their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Tuesday, April 30th. Citigroup initiated coverage on SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 price objective for the company. Finally, Wedbush restated an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $9.44.

SoFi Technologies Trading Up 2.4 %

The firm has a 50 day simple moving average of $6.86 and a two-hundred day simple moving average of $7.39. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. The company had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. During the same period last year, the business posted ($0.05) EPS. The company’s revenue was up 26.2% on a year-over-year basis. On average, equities analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SoFi Technologies news, CEO Anthony Noto purchased 28,775 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the purchase, the chief executive officer now directly owns 8,033,369 shares in the company, valued at $55,430,246.10. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the sale, the chief technology officer now owns 453,464 shares in the company, valued at $2,906,704.24. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 88,390 shares of company stock worth $597,569. 2.60% of the stock is currently owned by insiders.

Institutional Trading of SoFi Technologies

A number of institutional investors have recently modified their holdings of SOFI. Raymond James & Associates boosted its stake in shares of SoFi Technologies by 12.1% in the fourth quarter. Raymond James & Associates now owns 299,650 shares of the company’s stock valued at $2,982,000 after buying an additional 32,345 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in SoFi Technologies by 3.7% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 551,334 shares of the company’s stock worth $5,486,000 after purchasing an additional 19,457 shares during the last quarter. PFG Investments LLC raised its holdings in SoFi Technologies by 5.5% during the fourth quarter. PFG Investments LLC now owns 29,655 shares of the company’s stock worth $295,000 after purchasing an additional 1,547 shares during the last quarter. Trueblood Wealth Management LLC acquired a new position in SoFi Technologies during the fourth quarter worth $156,000. Finally, Hudock Inc. raised its holdings in SoFi Technologies by 11.5% during the fourth quarter. Hudock Inc. now owns 43,793 shares of the company’s stock worth $436,000 after purchasing an additional 4,522 shares during the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.