SoFi Technologies (NASDAQ:SOFI) Shares Down 2.8% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 2.8% during mid-day trading on Tuesday . The stock traded as low as $16.29 and last traded at $16.41. Approximately 20,539,252 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 47,488,137 shares. The stock had previously closed at $16.88.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Barclays lifted their price objective on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Jefferies Financial Group lifted their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Bank of America reissued an “underperform” rating and issued a $12.00 price objective on shares of SoFi Technologies in a research note on Monday, December 9th. Mizuho lifted their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.50.

SoFi Technologies Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The company has a market capitalization of $17.92 billion, a PE ratio of 164.10, a P/E/G ratio of 2.65 and a beta of 1.77. The business’s 50 day simple moving average is $13.00 and its 200 day simple moving average is $9.22.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) earnings per share. As a group, analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,012,748 shares of company stock valued at $416,356,356. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after buying an additional 87,097 shares in the last quarter. Zacks Investment Management acquired a new stake in SoFi Technologies during the 3rd quarter valued at approximately $3,766,000. Citizens Financial Group Inc. RI grew its stake in SoFi Technologies by 41.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock valued at $1,892,000 after purchasing an additional 70,603 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in SoFi Technologies by 214.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after purchasing an additional 2,688,847 shares in the last quarter. Finally, Qsemble Capital Management LP acquired a new stake in SoFi Technologies during the 3rd quarter valued at approximately $930,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.