SoFi Technologies (NASDAQ:SOFI) Stock Price Down 5.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 5.6% on Thursday . The company traded as low as $10.46 and last traded at $10.75. 17,984,662 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 45,829,889 shares. The stock had previously closed at $11.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 price objective (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Needham & Company LLC raised their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. UBS Group upped their target price on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Dbs Bank upgraded shares of SoFi Technologies to a “strong-buy” rating in a research note on Friday, February 21st. Finally, The Goldman Sachs Group upped their price objective on SoFi Technologies from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Stock Performance

The stock has a 50 day moving average of $13.02 and a two-hundred day moving average of $13.41. The stock has a market capitalization of $11.74 billion, a PE ratio of 28.95, a P/E/G ratio of 2.24 and a beta of 1.86. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, topping the consensus estimate 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 last year, the company posted $0.04 EPS. Research analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,625 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the sale, the chief technology officer now owns 655,118 shares in the company, valued at $8,280,691.52. This represents a 9.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 11,181 shares of SoFi Technologies stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.72, for a total value of $142,222.32. Following the transaction, the executive vice president now directly owns 226,210 shares of the company’s stock, valued at approximately $2,877,391.20. This represents a 4.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,905 shares of company stock valued at $1,308,075. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in SoFi Technologies by 154.8% in the 3rd quarter. FMR LLC now owns 92,632 shares of the company’s stock valued at $728,000 after buying an additional 56,279 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of SoFi Technologies by 2.8% in the third quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock worth $233,000 after acquiring an additional 809 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of SoFi Technologies by 79.8% in the third quarter. Integrated Wealth Concepts LLC now owns 34,467 shares of the company’s stock valued at $271,000 after acquiring an additional 15,301 shares in the last quarter. State Street Corp boosted its stake in shares of SoFi Technologies by 1.7% during the third quarter. State Street Corp now owns 18,062,855 shares of the company’s stock valued at $141,974,000 after acquiring an additional 310,532 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in SoFi Technologies by 255.6% during the 3rd quarter. Wellington Management Group LLP now owns 25,305 shares of the company’s stock worth $199,000 after purchasing an additional 41,565 shares in the last quarter. 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.