SoFi Technologies (NASDAQ:SOFI) Trading Down 1.6%

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 1.6% on Thursday . The stock traded as low as $7.37 and last traded at $7.42. 12,207,061 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 46,875,605 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

Several brokerages have weighed in on SOFI. Wedbush reiterated an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Barclays decreased their price target on shares of 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 decreased their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods decreased their price objective on shares of 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $9.20.

SoFi Technologies Stock Performance

The company has a 50 day simple moving average of $6.88 and a 200-day simple moving average of $7.35. 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 quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The company had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter last year, the company earned ($0.06) EPS. SoFi Technologies’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Activity

In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Qatar Investment Authority sold 19,840,073 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now owns 453,464 shares of the company’s stock, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional Trading of SoFi Technologies

Institutional investors have recently bought and sold shares of the stock. Hudock Inc. bought a new stake in shares of SoFi Technologies during the second quarter worth $612,000. Founders Financial Securities LLC raised its position in shares of SoFi Technologies by 8.0% during the second quarter. Founders Financial Securities LLC now owns 27,060 shares of the company’s stock worth $179,000 after acquiring an additional 2,000 shares during the last quarter. Rhumbline Advisers raised its position in shares of SoFi Technologies by 5.7% during the second quarter. Rhumbline Advisers now owns 979,183 shares of the company’s stock worth $6,472,000 after acquiring an additional 53,124 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of SoFi Technologies by 29.6% during the second quarter. CIBC Asset Management Inc now owns 27,447 shares of the company’s stock worth $181,000 after acquiring an additional 6,269 shares during the last quarter. Finally, Aptus Capital Advisors LLC raised its position in shares of SoFi Technologies by 3.1% during the second quarter. Aptus Capital Advisors LLC now owns 258,565 shares of the company’s stock worth $1,709,000 after acquiring an additional 7,740 shares during the last quarter. 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.