SoFi Technologies (NASDAQ:SOFI) Trading Down 4.4%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 4.4% during trading on Monday . The stock traded as low as $6.03 and last traded at $6.36. Approximately 21,795,180 shares traded hands during trading, a decline of 54% from the average daily volume of 47,101,688 shares. The stock had previously closed at $6.65.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research note on Tuesday, April 30th. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research note on Wednesday, July 31st. Barclays dropped their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Finally, Wedbush reiterated an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Two equities research 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. According to data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and an average target price of $9.20.

SoFi Technologies Trading Down 1.7 %

The stock has a market cap of $6.68 billion, a P/E ratio of -21.00, a P/E/G ratio of 1.45 and a beta of 1.70. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. The stock’s fifty day moving average is $6.86 and its 200 day moving average is $7.33.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned ($0.06) EPS. As a group, equities research analysts predict that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Anthony Noto purchased 28,900 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $6.92 per share, with a total value of $199,988.00. Following the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction 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 sale, the chief technology officer now owns 453,464 shares in the company, valued at $2,906,704.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Anthony Noto bought 28,900 shares of the stock in a transaction dated Thursday, May 23rd. The shares were bought at an average cost of $6.92 per share, with a total value of $199,988.00. Following the completion of the purchase, the chief executive officer now directly owns 8,062,269 shares of the company’s stock, valued at approximately $55,790,901.48. The disclosure for this purchase can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SOFI. GAMMA Investing LLC bought a new position in SoFi Technologies in the 4th quarter worth about $27,000. ORG Partners LLC bought a new position in SoFi Technologies in the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased its holdings in SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares during the period. SOA Wealth Advisors LLC. raised its position in SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of SoFi Technologies in the 1st quarter worth $37,000. 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.