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

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

Analyst Ratings Changes

SOFI has been the subject of several analyst reports. Morgan Stanley upped their target price on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research note on Thursday, December 19th. Mizuho raised their target price on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Barclays boosted their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Needham & Company LLC increased their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Four investment 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, SoFi Technologies presently has an average rating of “Hold” and an average price target of $11.13.

SoFi Technologies Stock Performance

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 stock’s 50-day moving average price is $14.96 and its 200-day moving average price is $10.35. The company has a market capitalization of $15.35 billion, a P/E ratio of 141.51, a P/E/G ratio of 2.70 and a beta of 1.78.

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

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now directly owns 586,494 shares in the company, valued at $9,219,685.68. The trade was 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 available through the SEC website. Also, EVP Kelli Keough sold 8,914 shares of the company’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 directly owns 187,725 shares of the company’s stock, valued at $2,926,632.75. The trade was a 4.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,009,264 shares of company stock worth $416,889,795. 2.60% of the stock is owned by insiders.

Institutional Trading of SoFi Technologies

Institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in SoFi Technologies during the third quarter valued at about $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies during the 3rd quarter valued at about $28,000. Waldron Private Wealth LLC acquired a new position in shares of SoFi Technologies in the 3rd quarter worth approximately $39,000. GAMMA Investing LLC raised its holdings in shares of SoFi Technologies by 40.3% in the 4th quarter. GAMMA Investing LLC now owns 5,925 shares of the company’s stock worth $91,000 after purchasing an additional 1,703 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in SoFi Technologies during the third quarter valued at approximately $47,000. 38.43% of the stock is 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.