SoFi Technologies (NASDAQ:SOFI) Shares Down 11.9% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded down 11.9% during mid-day trading on Thursday . The stock traded as low as $10.78 and last traded at $10.84. 25,061,075 shares were traded during mid-day trading, a decline of 44% from the average session volume of 45,132,820 shares. The stock had previously closed at $12.31.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Morgan Stanley raised their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, December 19th. The Goldman Sachs Group boosted their target price on SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. William Blair reissued an “outperform” rating on shares of SoFi Technologies in a research note on Friday, January 24th. Finally, Bank of America restated an “underperform” rating and issued a $12.00 price target on shares of SoFi Technologies in a research note on Monday, December 9th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Stock Down 13.6 %

The stock has a market cap of $11.67 billion, a price-to-earnings ratio of 28.76, a P/E/G ratio of 2.24 and a beta of 1.79. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $14.10 and its two-hundred day moving average is $13.30.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same quarter last year, the firm posted $0.04 EPS. On average, sell-side analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Kelli Keough sold 11,181 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.72, for a total value of $142,222.32. Following the transaction, the executive vice president now directly owns 226,210 shares of the company’s stock, valued at approximately $2,877,391.20. This trade represents a 4.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $12.64, for a total value of $867,420.00. Following the sale, the chief technology officer now directly owns 655,118 shares of the company’s stock, valued at approximately $8,280,691.52. This trade represents a 9.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,905 shares of company stock valued at $1,308,075 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently made changes to their positions in SOFI. Elequin Capital LP boosted its position in shares of SoFi Technologies by 30.1% in the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company’s stock worth $42,000 after buying an additional 631 shares during the period. CIBC Private Wealth Group LLC grew its holdings in SoFi Technologies by 1.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company’s stock valued at $881,000 after purchasing an additional 685 shares in the last quarter. Captrust Financial Advisors increased its stake in SoFi Technologies by 2.8% during the 3rd quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock worth $233,000 after buying an additional 809 shares during the period. Procyon Advisors LLC boosted its position in SoFi Technologies by 8.0% in the 4th quarter. Procyon Advisors LLC now owns 13,497 shares of the company’s stock valued at $208,000 after buying an additional 1,000 shares during the last quarter. Finally, Game Plan Financial Advisors LLC increased its position in shares of SoFi Technologies by 13.9% during the fourth quarter. Game Plan Financial Advisors LLC now owns 8,200 shares of the company’s stock worth $128,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors 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.