SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.7% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 0.7% during mid-day trading on Thursday . The company traded as low as $13.01 and last traded at $13.41. 17,411,229 shares traded hands during trading, a decline of 63% from the average session volume of 47,460,027 shares. The stock had previously closed at $13.50.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SOFI. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Finally, Barclays increased their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.32.

SoFi Technologies Stock Up 1.2 %

The stock has a market cap of $14.56 billion, a PE ratio of 134.11, a price-to-earnings-growth ratio of 2.30 and a beta of 1.60. The business has a fifty day moving average of $9.44 and a 200-day moving average of $7.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.21.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The business 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 for the quarter was up 29.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. Equities research analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 24,939 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the sale, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock worth $904,677 in the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. purchased a new position in SoFi Technologies in the first quarter worth $79,000. Empowered Funds LLC raised its stake in SoFi Technologies by 22.2% in the first quarter. Empowered Funds LLC now owns 47,854 shares of the company’s stock valued at $349,000 after buying an additional 8,707 shares during the last quarter. Swiss National Bank raised its stake in SoFi Technologies by 1.1% in the first quarter. Swiss National Bank now owns 1,798,400 shares of the company’s stock valued at $13,128,000 after buying an additional 19,600 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in SoFi Technologies by 4.0% in the first quarter. QRG Capital Management Inc. now owns 53,849 shares of the company’s stock worth $393,000 after acquiring an additional 2,095 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of SoFi Technologies by 341.0% during the first quarter. Russell Investments Group Ltd. now owns 43,624 shares of the company’s stock worth $318,000 after acquiring an additional 33,732 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.