SoFi Technologies (NASDAQ:SOFI) Trading Down 8.9% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 8.9% during mid-day trading on Monday . The stock traded as low as $15.55 and last traded at $16.32. 55,473,208 shares were traded during trading, an increase of 25% from the average session volume of 44,404,418 shares. The stock had previously closed at $17.92.

Analysts Set New Price Targets

SOFI has been the subject of several research reports. The Goldman Sachs Group lifted their target price on SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Tuesday. Morgan Stanley lifted their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $8.00 price target (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Jefferies Financial Group boosted their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, Bank of America reissued an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Stock Performance

The company has a fifty day moving average price of $15.78 and a two-hundred day moving average price of $11.22. The firm has a market cap of $17.35 billion, a price-to-earnings ratio of 159.92, a price-to-earnings-growth ratio of 1.19 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. During the same period in the prior year, the business posted $0.04 earnings per share. As a group, equities research analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $16.06, for a total value of $28,242,361.18. Following the completion of the transaction, the director now directly owns 482,083 shares in the company, valued at $7,742,252.98. This trade represents a 78.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kelli Keough sold 8,914 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total transaction of $156,708.12. Following the sale, the executive vice president now owns 178,811 shares in the company, valued at $3,143,497.38. This represents a 4.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,008,870 shares of company stock worth $416,950,073. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its holdings in shares of SoFi Technologies by 2.8% in the third quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock valued at $233,000 after purchasing an additional 809 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in SoFi Technologies by 0.3% in the 3rd quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company’s stock worth $2,204,000 after acquiring an additional 855 shares in the last quarter. CIBC Asset Management Inc boosted its position in SoFi Technologies by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 28,409 shares of the company’s stock worth $223,000 after acquiring an additional 962 shares during the period. Oak Harbor Wealth Partners LLC grew its stake in SoFi Technologies by 10.0% during the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 11,000 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Procyon Advisors LLC increased its holdings in shares of SoFi Technologies by 8.0% in the 4th quarter. Procyon Advisors LLC now owns 13,497 shares of the company’s stock valued at $208,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 38.43% of the company’s stock.

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.