SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2.4% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 2.4% during trading on Thursday . The stock traded as low as $14.33 and last traded at $14.55. Approximately 28,645,045 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 43,555,871 shares. The stock had previously closed at $14.91.

Analyst Ratings Changes

A number of brokerages recently weighed in on SOFI. JPMorgan Chase & Co. raised their price objective on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Morgan Stanley increased their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, December 19th. Needham & Company LLC boosted their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Mizuho boosted their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price 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 firm’s fifty day moving average price is $14.96 and its two-hundred day moving average price is $10.33. The stock has a market capitalization of $15.35 billion, a PE ratio of 141.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 29th. 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 8.38% and a return on equity of 3.71%. The business had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. The company’s revenue was up 29.8% compared to the same quarter last year. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insider Activity

In related news, Director Bashir Ruzwana sold 52,000 shares of the business’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 transaction of $833,040.00. Following the completion of the sale, the director now directly owns 25,937 shares in the company, valued at approximately $415,510.74. The trade was a 66.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the transaction, the executive vice president now owns 152,203 shares in the company, valued at $1,576,823.08. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,009,264 shares of company stock worth $416,889,795 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its stake in SoFi Technologies by 5.7% in the 2nd quarter. Rhumbline Advisers now owns 979,183 shares of the company’s stock worth $6,472,000 after purchasing an additional 53,124 shares in the last quarter. Victory Capital Management Inc. grew its holdings in SoFi Technologies by 6.9% in the 2nd quarter. Victory Capital Management Inc. now owns 127,342 shares of the company’s stock valued at $842,000 after buying an additional 8,267 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of SoFi Technologies in the 2nd quarter worth $68,000. Choreo LLC purchased a new position in shares of SoFi Technologies during the 2nd quarter worth $101,000. Finally, Oppenheimer & Co. Inc. boosted its position in shares of SoFi Technologies by 7.4% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 246,803 shares of the company’s stock valued at $1,631,000 after acquiring an additional 16,999 shares during the last quarter. 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.