SoFi Technologies (NASDAQ:SOFI) Trading Down 4.1% on Analyst Downgrade

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 4.1% during trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $12.00 to $11.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. SoFi Technologies traded as low as $6.61 and last traded at $6.76. 45,563,133 shares traded hands during trading, a decline of 15% from the average session volume of 53,822,848 shares. The stock had previously closed at $7.05.

Several other research analysts also recently commented on SOFI. Citigroup started coverage on shares of SoFi Technologies in a report on Monday, April 8th. They issued a “buy” rating and a $11.00 target price on the stock. Jefferies Financial Group dropped their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research note on Tuesday. Mizuho lowered their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Finally, The Goldman Sachs Group upped their price target on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.08.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the sale, the chief technology officer now owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds have recently made changes to their positions in SOFI. GAMMA Investing LLC acquired a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $27,000. Westside Investment Management Inc. grew its position in SoFi Technologies by 93.8% during the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after acquiring an additional 1,500 shares during the last quarter. SOA Wealth Advisors LLC. increased its holdings in SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in SoFi Technologies in the 1st quarter valued at $37,000. Finally, Tortoise Investment Management LLC acquired a new position in SoFi Technologies in the fourth quarter worth $39,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Stock Down 3.8 %

The company has a market cap of $6.62 billion, a P/E ratio of -17.82 and a beta of 1.75. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The firm has a fifty day moving average price of $7.61 and a 200 day moving average price of $7.88.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter last year, the company posted ($0.05) EPS. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. Equities research analysts forecast that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

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.