SoFi Technologies (NASDAQ:SOFI) Shares Down 1.6% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price dropped 1.6% during trading on Wednesday . The company traded as low as $9.94 and last traded at $10.02. Approximately 17,826,934 shares traded hands during trading, a decline of 61% from the average daily volume of 45,740,363 shares. The stock had previously closed at $10.18.

Analyst Upgrades and Downgrades

SOFI has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of SoFi Technologies in a report on Wednesday, July 31st. Keefe, Bruyette & Woods dropped their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a "market perform" rating on the stock in a research report on Tuesday, July 9th. Finally, Barclays reduced their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 9th. Two equities research 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 currently has an average rating of "Hold" and a consensus target price of $9.08.

SoFi Technologies Stock Performance

The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $7.78 and a 200-day moving average price of $7.29. The firm has a market cap of $10.61 billion, a price-to-earnings ratio of -32.39, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70.

Remove Ads

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting analysts' consensus estimates of $0.01. The company had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. SoFi Technologies's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) EPS. On average, analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the business's stock in a transaction 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 sale, the executive vice president now directly owns 114,407 shares in the company, valued at approximately $830,594.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares of the company's stock, valued at $4,234,620.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 completion of the sale, the executive vice president now directly owns 114,407 shares in the company, 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. In the last three months, insiders sold 102,328 shares of company stock valued at $808,246. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of SoFi Technologies by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company's stock worth $810,527,000 after purchasing an additional 5,057,233 shares during the last quarter. HighPoint Advisor Group LLC purchased a new stake in shares of SoFi Technologies in the fourth quarter valued at $1,160,000. Banque Cantonale Vaudoise boosted its stake in shares of SoFi Technologies by 16.0% during the first quarter. Banque Cantonale Vaudoise now owns 14,500 shares of the company's stock valued at $107,000 after acquiring an additional 2,000 shares during the last quarter. SOA Wealth Advisors LLC. increased its position in SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company's stock worth $33,000 after purchasing an additional 1,713 shares in the last quarter. Finally, Anderson Hoagland & Co. raised its stake in SoFi Technologies by 11.2% in the 1st quarter. Anderson Hoagland & Co. now owns 445,977 shares of the company's stock valued at $3,372,000 after purchasing an additional 44,976 shares during the last quarter. 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.