SoFi Technologies (NASDAQ:SOFI) Shares Down 2.3% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was down 2.3% during mid-day trading on Wednesday . The stock traded as low as $13.05 and last traded at $13.23. Approximately 10,202,085 shares traded hands during trading, a decline of 77% from the average daily volume of 44,468,832 shares. The stock had previously closed at $13.54.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SOFI shares. UBS Group boosted their target price on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Dbs Bank upgraded shares of SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. Citigroup raised their price objective on shares of SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Needham & Company LLC boosted their target price on SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Bank of America restated an “underperform” rating and set a $12.00 price target on shares of SoFi Technologies in a research report on Monday, December 9th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Price 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 has a market capitalization of $14.38 billion, a P/E ratio of 35.51, a PEG ratio of 2.24 and a beta of 1.79. The company has a fifty day simple moving average of $14.64 and a two-hundred day simple moving average of $13.14.

SoFi Technologies (NASDAQ:SOFI) last posted 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 net margin of 18.64% and a return on equity of 3.82%. During the same quarter in the prior year, the business earned $0.04 earnings per share. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total value of $156,708.12. Following the completion of the sale, the executive vice president now owns 178,811 shares of the company’s stock, valued at approximately $3,143,497.38. This represents a 4.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares in the company, valued at approximately $8,280,691.52. This represents a 9.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,905 shares of company stock valued at $1,308,075. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. 111 Capital acquired a new position in shares of SoFi Technologies during the fourth quarter worth about $438,000. Keystone Financial Services LLC bought a new position in SoFi Technologies in the fourth quarter valued at $275,000. Centaurus Financial Inc. acquired a new stake in SoFi Technologies in the 4th quarter valued at $172,000. Total Wealth Planning & Management Inc. bought a new stake in SoFi Technologies during the 4th quarter worth about $821,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of SoFi Technologies during the 4th quarter worth about $1,164,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.