SoFi Technologies (NASDAQ:SOFI) Stock Price Down 8.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded down 8.6% during mid-day trading on Tuesday . The stock traded as low as $9.77 and last traded at $10.23. 88,011,469 shares traded hands during mid-day trading, an increase of 90% from the average session volume of 46,307,055 shares. The stock had previously closed at $11.19.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods decreased their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Barclays reduced their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.25.

SoFi Technologies Trading Down 7.0 %

The stock has a market capitalization of $11.01 billion, a P/E ratio of -33.00, a price-to-earnings-growth ratio of 2.08 and a beta of 1.70. The stock has a 50-day moving average price of $8.38 and a two-hundred day moving average price of $7.46. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. During the same period in the prior year, the business earned ($0.06) EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,636 shares of company stock worth $904,677 over the last three months. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Stratos Wealth Advisors LLC grew its stake in shares of SoFi Technologies by 3.3% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company’s stock worth $256,000 after buying an additional 1,054 shares during the last quarter. NBC Securities Inc. boosted its holdings in SoFi Technologies by 12.7% in the third quarter. NBC Securities Inc. now owns 9,581 shares of the company’s stock worth $75,000 after acquiring an additional 1,081 shares in the last quarter. Rosenberg Matthew Hamilton grew its stake in shares of SoFi Technologies by 11.4% in the third quarter. Rosenberg Matthew Hamilton now owns 12,026 shares of the company’s stock worth $95,000 after acquiring an additional 1,226 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after acquiring an additional 1,543 shares in the last quarter. Finally, Pegasus Asset Management Inc. raised its position in shares of SoFi Technologies by 1.4% in the 3rd quarter. Pegasus Asset Management Inc. now owns 112,951 shares of the company’s stock worth $888,000 after purchasing an additional 1,607 shares during the last quarter. Institutional investors own 38.43% of the company’s stock.

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.