SoFi Technologies (NASDAQ:SOFI) Trading Down 1.9% After Analyst Downgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was down 1.9% during trading on Tuesday after Barclays lowered their price target on the stock from $10.00 to $8.00. Barclays currently has an equal weight rating on the stock. SoFi Technologies traded as low as $6.15 and last traded at $6.23. Approximately 19,491,102 shares traded hands during trading, a decline of 58% from the average daily volume of 46,775,660 shares. The stock had previously closed at $6.35.

Several other equities research analysts have also recently issued reports on SOFI. Jefferies Financial Group dropped their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, March 26th. Wedbush restated an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft reduced their price objective on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Tuesday, April 30th. Citigroup began coverage on SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Keefe, Bruyette & Woods reduced their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.29.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the sale, the chief technology officer now owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now owns 453,464 shares in the company, valued at $2,906,704.24. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 88,390 shares of company stock worth $597,569. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies in the 4th quarter valued at about $27,000. ORG Partners LLC purchased a new position in SoFi Technologies in the first quarter worth approximately $27,000. Westside Investment Management Inc. grew its holdings 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 in the last quarter. SOA Wealth Advisors LLC. increased its position in shares of SoFi Technologies by 61.2% in 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 during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of SoFi Technologies in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Trading Up 3.0 %

The firm has a market capitalization of $6.95 billion, a PE ratio of -21.19, a PEG ratio of 1.48 and a beta of 1.70. The company’s 50-day moving average price is $6.80 and its 200-day moving average price is $7.53. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter last year, the company earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, sell-side analysts expect 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.