SoFi Technologies (NASDAQ:SOFI) Shares Down 3.9%

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price fell 3.9% during mid-day trading on Tuesday . The company traded as low as $7.65 and last traded at $7.68. 13,835,924 shares changed hands during trading, a decline of 70% from the average session volume of 45,935,465 shares. The stock had previously closed at $7.99.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SOFI. BTIG Research began coverage on SoFi Technologies in a research note on Friday, June 7th. They set a "neutral" rating on the stock. Keefe, Bruyette & Woods reduced their price objective on SoFi Technologies from $7.50 to $7.00 and set a "market perform" rating on the stock in a research note on Tuesday, July 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday, July 31st. Finally, 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies presently has a consensus rating of "Hold" and a consensus target price of $9.14.

SoFi Technologies Stock Performance

The company has a 50-day simple moving average of $7.04 and a two-hundred day simple moving average of $7.22. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The firm has a market capitalization of $7.96 billion, a P/E ratio of -24.77, a PEG ratio of 1.62 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $598.60 million for the quarter, compared to analysts' expectations of $565.19 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) EPS. As a group, equities analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity

In other news, EVP Kelli Keough sold 24,939 shares of SoFi Technologies stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the transaction, the executive vice president now directly owns 114,407 shares in the company, valued at $830,594.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the firm's stock in a transaction dated 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 $830,594.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anthony Noto bought 30,715 shares of the firm's stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average price of $6.48 per share, with a total value of $199,033.20. Following the completion of the transaction, the chief executive officer now directly owns 8,121,844 shares of the company's stock, valued at $52,629,549.12. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 19,921,285 shares of company stock worth $135,057,462. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of SOFI. EP Wealth Advisors LLC grew its position in SoFi Technologies by 1.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 382,844 shares of the company's stock worth $2,531,000 after purchasing an additional 6,122 shares during the last quarter. Quarry LP acquired a new stake in shares of SoFi Technologies during the 2nd quarter worth $84,000. Second Line Capital LLC increased its position in shares of SoFi Technologies by 1.3% in the second quarter. Second Line Capital LLC now owns 244,446 shares of the company's stock worth $1,616,000 after acquiring an additional 3,200 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in SoFi Technologies by 64.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company's stock valued at $1,948,000 after acquiring an additional 115,316 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in SoFi Technologies by 32.3% during the 2nd quarter. NewEdge Advisors LLC now owns 422,199 shares of the company's stock worth $2,791,000 after buying an additional 102,973 shares during the period. 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.