Barclays Cuts SoFi Technologies (NASDAQ:SOFI) Price Target to $8.00

SoFi Technologies (NASDAQ:SOFI) had its price target decreased by Barclays from $10.00 to $8.00 in a report released on Tuesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other analysts have also recently commented on the stock. BTIG Research started coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They set a neutral rating on the stock. Jefferies Financial Group decreased their price objective on SoFi Technologies from $15.00 to $12.00 and set a buy rating on the stock in a research report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft dropped their target price 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. Needham & Company LLC reiterated a buy rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods dropped their price objective on SoFi Technologies from $7.50 to $7.00 and set a market perform rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $9.29.

SoFi Technologies Trading Up 3.0 %

SOFI stock opened at $6.77 on Tuesday. The business has a fifty day moving average price of $6.80 and a 200 day moving average price of $7.53. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. SoFi Technologies has a fifty-two week low of $6.15 and a fifty-two week high of $11.70. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of -21.84, a P/E/G ratio of 1.48 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.05) earnings per share. Analysts expect that SoFi Technologies will post 0.08 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Qatar Investment Authority sold 19,840,073 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Insiders bought a total of 88,390 shares of company stock worth $597,569 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

A number of institutional investors have recently modified their holdings of SOFI. Vanguard Group Inc. raised its position in SoFi Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock valued at $604,632,000 after buying an additional 1,366,271 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after purchasing an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of SoFi Technologies by 176.3% in the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after purchasing an additional 6,870,610 shares in the last quarter. Norges Bank acquired a new position in SoFi Technologies during the fourth quarter worth $71,349,000. Finally, Charles Schwab Investment Management Inc. grew its position in SoFi Technologies by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock valued at $54,659,000 after purchasing an additional 199,949 shares in the last quarter. 38.43% of the stock is currently owned by institutional investors.

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.