SoFi Technologies (NASDAQ:SOFI) Shares Down 2.8% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) fell 2.8% during trading on Tuesday . The company traded as low as $16.29 and last traded at $16.41. 20,539,252 shares were traded during mid-day trading, a decline of 57% from the average session volume of 47,488,137 shares. The stock had previously closed at $16.88.

Analyst Upgrades and Downgrades

SOFI has been the topic of a number of analyst reports. Needham & Company LLC upped their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley lifted their price objective on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research note on Thursday. The Goldman Sachs Group raised their price target on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Mizuho lifted their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and an average price target of $11.04.

SoFi Technologies Trading Down 1.4 %

The firm’s 50 day moving average is $13.30 and its 200 day moving average is $9.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The company has a market capitalization of $16.31 billion, a PE ratio of 150.32, a P/E/G ratio of 2.65 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.03) earnings per share. As a group, equities analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 68,081 shares of the company’s 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 sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $16.03, for a total value of $386,417,705.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,012,748 shares of company stock worth $416,356,356. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in SoFi Technologies by 783.5% in the second quarter. Blue Trust Inc. now owns 8,102 shares of the company’s stock worth $59,000 after acquiring an additional 7,185 shares in the last quarter. Raymond James & Associates raised its holdings in SoFi Technologies by 28.6% in the 2nd quarter. Raymond James & Associates now owns 520,301 shares of the company’s stock worth $3,439,000 after acquiring an additional 115,639 shares during the last quarter. Atria Wealth Solutions Inc. boosted its stake in SoFi Technologies by 8.3% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 467,009 shares of the company’s stock valued at $3,087,000 after purchasing an additional 35,738 shares during the last quarter. Lakeshore Financial Planning Inc. raised its stake in shares of SoFi Technologies by 5.4% in the second quarter. Lakeshore Financial Planning Inc. now owns 87,813 shares of the company’s stock worth $580,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Fullcircle Wealth LLC bought a new position in shares of SoFi Technologies during the second quarter valued at $100,000. 38.43% of the stock is owned by hedge funds and other 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.