SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2.2% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 2.2% during mid-day trading on Wednesday . The company traded as low as $14.35 and last traded at $14.58. 10,510,121 shares were traded during trading, a decline of 74% from the average session volume of 39,752,105 shares. The stock had previously closed at $14.91.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Morgan Stanley upped their target price on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Mizuho raised their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group increased their price objective on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Finally, Needham & Company LLC boosted their target price on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average price target of $11.13.

SoFi Technologies Trading Down 2.1 %

The business has a 50 day simple moving average of $14.76 and a 200-day simple moving average of $10.21. The stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of 145.91, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

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, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The business’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) earnings per share. On average, equities analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In other news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $16.06, for a total value of $28,242,361.18. Following the completion of the sale, the director now directly owns 482,083 shares of the company’s stock, valued at approximately $7,742,252.98. This represents a 78.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kelli Keough sold 8,914 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.59, for a total transaction of $138,969.26. Following the completion of the sale, the executive vice president now owns 187,725 shares in the company, valued at approximately $2,926,632.75. This trade represents a 4.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,009,264 shares of company stock worth $416,889,795 over the last quarter. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently added to or reduced their stakes in SOFI. Dimensional Fund Advisors LP lifted its holdings in shares of SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after acquiring an additional 9,482,683 shares during the period. Marshall Wace LLP grew its stake in SoFi Technologies by 130.0% in the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after acquiring an additional 3,593,464 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of SoFi Technologies by 214.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after buying an additional 2,688,847 shares during the period. Quadrature Capital Ltd bought a new position in shares of SoFi Technologies in the third quarter valued at approximately $16,014,000. Finally, Hsbc Holdings PLC grew its stake in shares of SoFi Technologies by 337.6% in the 2nd quarter. Hsbc Holdings PLC now owns 719,243 shares of the company’s stock worth $4,715,000 after acquiring an additional 554,866 shares in the last quarter. 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.