SoFi Technologies (NASDAQ:SOFI) Shares Down 3.1% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 3.1% on Friday . The company traded as low as $13.81 and last traded at $14.10. Approximately 15,228,063 shares were traded during trading, a decline of 61% from the average daily volume of 38,632,844 shares. The stock had previously closed at $14.55.

Analyst Ratings Changes

SOFI has been the topic of a number of research analyst reports. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Morgan Stanley lifted their target price on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, December 19th. Jefferies Financial Group increased their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Barclays raised their price objective on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their price target 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. Four equities research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.13.

SoFi Technologies Price Performance

The firm has a market cap of $15.24 billion, a price-to-earnings ratio of 140.41, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock’s 50 day simple moving average is $14.90 and its 200-day simple moving average is $10.27.

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

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total value of $1,021,658.52. Following the sale, the chief technology officer now directly owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. This trade represents a 9.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bashir Ruzwana sold 52,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $16.02, for a total value of $833,040.00. Following the transaction, the director now directly owns 25,937 shares of the company’s stock, valued at approximately $415,510.74. The trade was a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,009,264 shares of company stock valued at $416,889,795 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently made changes to their positions in SOFI. Charles Schwab Investment Management Inc. boosted its position in shares of SoFi Technologies by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after acquiring an additional 87,097 shares during the last quarter. Zacks Investment Management acquired a new position in SoFi Technologies in the 3rd quarter valued at about $3,766,000. Citizens Financial Group Inc. RI grew its stake in shares of SoFi Technologies by 41.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock valued at $1,892,000 after buying an additional 70,603 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of SoFi Technologies by 214.9% in 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 buying an additional 2,688,847 shares during the period. Finally, Qsemble Capital Management LP acquired a new stake in shares of SoFi Technologies during the 3rd quarter worth approximately $930,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.