SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3.2% - Here's What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) dropped 3.2% on Friday . The stock traded as low as $11.77 and last traded at $11.81. Approximately 11,697,290 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 44,616,793 shares. The stock had previously closed at $12.20.

Analysts Set New Price Targets

Several brokerages have issued reports on SOFI. Keefe, Bruyette & Woods reiterated an "underperform" rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. William Blair reiterated an "outperform" rating on shares of SoFi Technologies in a research note on Friday, January 24th. UBS Group boosted their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th. Bank of America reaffirmed an "underperform" rating and set a $12.00 target price on shares of SoFi Technologies in a research report on Monday, December 9th. Finally, Needham & Company LLC lifted their price target on SoFi Technologies from $13.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, SoFi Technologies currently has a consensus rating of "Hold" and a consensus price target of $12.50.

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SoFi Technologies Stock Performance

The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a market cap of $12.99 billion, a PE ratio of 32.03, a P/E/G ratio of 2.24 and a beta of 1.79. The firm's 50-day simple moving average is $14.42 and its two-hundred day simple moving average is $13.25.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same quarter last year, the firm earned $0.04 EPS. As a group, research analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the completion of the transaction, the chief technology officer now owns 655,118 shares in the company, valued at approximately $8,280,691.52. This trade represents a 9.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kelli Keough sold 11,181 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $12.72, for a total value of $142,222.32. Following the completion of the sale, the executive vice president now owns 226,210 shares in the company, valued at $2,877,391.20. The trade was a 4.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,905 shares of company stock worth $1,308,075 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in SOFI. Charles Schwab Investment Management Inc. increased its holdings in SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company's stock valued at $48,306,000 after buying an additional 87,097 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of SoFi Technologies by 1.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 267,956 shares of the company's stock valued at $2,106,000 after acquiring an additional 4,130 shares during the period. D.A. Davidson & CO. increased its stake in shares of SoFi Technologies by 3.9% in the 3rd quarter. D.A. Davidson & CO. now owns 87,664 shares of the company's stock valued at $689,000 after purchasing an additional 3,322 shares in the last quarter. FMR LLC raised its holdings in SoFi Technologies by 154.8% in the 3rd quarter. FMR LLC now owns 92,632 shares of the company's stock worth $728,000 after purchasing an additional 56,279 shares during the period. Finally, Brooklyn Investment Group purchased a new position in SoFi Technologies during the third quarter worth approximately $28,000. Institutional investors and hedge funds 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.