SoFi Technologies (NASDAQ:SOFI) Price Target Cut to $8.50

SoFi Technologies (NASDAQ:SOFIFree Report) had its target price lowered by Piper Sandler from $9.00 to $8.50 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts also recently issued research reports about the stock. Truist Financial lowered their target price on shares of SoFi Technologies from $16.00 to $14.00 and set a buy rating for the company in a research note on Tuesday, October 31st. Bank of America lowered their target price on shares of SoFi Technologies from $11.50 to $10.00 in a research note on Thursday, October 5th. UBS Group began coverage on shares of SoFi Technologies in a research note on Friday, October 20th. They set a neutral rating and a $7.00 target price for the company. Wedbush reissued an underperform rating and set a $3.00 target price on shares of SoFi Technologies in a research note on Thursday, November 9th. Finally, Barclays assumed coverage on shares of SoFi Technologies in a research note on Wednesday, November 15th. They issued an equal weight rating and a $8.00 price target for the company. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $8.84.

View Our Latest Research Report on SOFI

SoFi Technologies Stock Down 3.1 %

Shares of SOFI opened at $6.62 on Friday. SoFi Technologies has a 12 month low of $4.24 and a 12 month high of $11.70. The firm’s 50 day moving average is $7.72 and its 200-day moving average is $7.94. The stock has a market capitalization of $6.34 billion, a PE ratio of -14.70 and a beta of 1.88. The company has a current ratio of 1.52, a quick ratio of 0.23 and a debt-to-equity ratio of 1.24.

SoFi Technologies (NASDAQ:SOFIGet Free Report) last announced its earnings results on Monday, October 30th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. SoFi Technologies had a negative net margin of 20.31% and a negative return on equity of 2.92%. The company had revenue of $564.20 million for the quarter, compared to analysts’ expectations of $511.30 million. During the same period last year, the firm earned ($0.09) earnings per share. The business’s revenue for the quarter was up 34.6% on a year-over-year basis. Equities research analysts forecast that SoFi Technologies will post -0.17 EPS for the current year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CFO Christopher Lapointe bought 14,950 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was bought at an average cost of $6.69 per share, with a total value of $100,015.50. Following the completion of the transaction, the chief financial officer now directly owns 827,068 shares in the company, valued at approximately $5,533,084.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Christopher Lapointe purchased 14,950 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were acquired at an average cost of $6.69 per share, for a total transaction of $100,015.50. Following the completion of the acquisition, the chief financial officer now owns 827,068 shares in the company, valued at $5,533,084.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 53,532 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $8.88, for a total transaction of $475,364.16. Following the transaction, the chief technology officer now owns 160,597 shares in the company, valued at $1,426,101.36. The disclosure for this sale can be found here. Insiders sold a total of 341,405 shares of company stock valued at $2,719,778 over the last three months. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOFI. Advisors Preferred LLC purchased a new position in SoFi Technologies in the first quarter valued at about $25,000. Global Retirement Partners LLC boosted its stake in SoFi Technologies by 330.3% in the first quarter. Global Retirement Partners LLC now owns 5,435 shares of the company’s stock valued at $26,000 after acquiring an additional 4,172 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in SoFi Technologies in the second quarter valued at about $26,000. US Bancorp DE boosted its stake in SoFi Technologies by 197.0% in the first quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $28,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in SoFi Technologies by 48.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,925 shares of the company’s stock valued at $33,000 after acquiring an additional 1,275 shares during the last quarter. 37.13% of the stock is currently owned by hedge funds and other institutional investors.

About SoFi Technologies

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SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.

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Analyst Recommendations for SoFi Technologies (NASDAQ:SOFI)

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