SoFi Technologies (NASDAQ:SOFI) Trading Down 2.4% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded down 2.4% during mid-day trading on Thursday . The stock traded as low as $14.33 and last traded at $14.55. 28,645,045 shares were traded during mid-day trading, a decline of 34% from the average session volume of 43,555,871 shares. The stock had previously closed at $14.91.

Analyst Ratings Changes

A number of equities analysts have weighed in on SOFI shares. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Bank of America reissued an “underperform” rating and set a $12.00 price target on shares of SoFi Technologies in a research report on Monday, December 9th. Jefferies Financial Group boosted their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Finally, Mizuho raised their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.13.

SoFi Technologies Stock Performance

The firm has a market capitalization of $15.79 billion, a PE ratio of 145.51, a price-to-earnings-growth ratio of 2.70 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. The stock has a 50-day moving average price of $14.83 and a 200-day moving average price of $10.24.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The business’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. On average, research analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity

In related news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. This represents a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 64,991 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. The trade was a 9.98 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,009,264 shares of company stock worth $416,889,795. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors have recently made changes to their positions in SOFI. Charles Schwab Investment Management Inc. boosted its position in SoFi Technologies by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after purchasing an additional 87,097 shares during the period. Zacks Investment Management acquired a new position in shares of SoFi Technologies during the third quarter valued at $3,766,000. Citizens Financial Group Inc. RI grew its position in shares of SoFi Technologies by 41.5% during the third quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock worth $1,892,000 after acquiring an additional 70,603 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of SoFi Technologies by 214.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after acquiring an additional 2,688,847 shares during the period. Finally, Qsemble Capital Management LP bought a new stake in SoFi Technologies in the 3rd quarter valued at about $930,000. 38.43% of the stock is 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.