SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3.6% - Here's Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) traded down 3.6% during mid-day trading on Thursday . The stock traded as low as $12.03 and last traded at $12.61. 18,783,984 shares changed hands during trading, a decline of 58% from the average session volume of 44,543,294 shares. The stock had previously closed at $13.07.

Analysts Set New Price Targets

Several analysts have weighed in on SOFI shares. UBS Group upped 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. Needham & Company LLC raised 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. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $8.00 price objective (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Morgan Stanley raised their target price on SoFi Technologies from $7.50 to $13.00 and gave the company an "underweight" rating in a research note on Thursday, December 19th. Finally, William Blair reiterated an "outperform" rating on shares of SoFi Technologies in a research report on Friday, January 24th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $12.50.

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SoFi Technologies Stock Down 1.9 %

The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The firm has a market cap of $12.75 billion, a P/E ratio of 31.43, a P/E/G ratio of 2.24 and a beta of 1.79. The business has a fifty day moving average of $14.42 and a 200 day moving average of $13.25.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings results 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 period in the prior year, the business posted $0.04 EPS. On average, equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Activity at SoFi Technologies

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

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in SoFi Technologies by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock worth $1,514,390,000 after purchasing an additional 8,898,879 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in shares of SoFi Technologies in the fourth quarter valued at about $299,980,000. State Street Corp raised its holdings in SoFi Technologies by 1.7% during the third quarter. State Street Corp now owns 18,062,855 shares of the company's stock worth $141,974,000 after acquiring an additional 310,532 shares in the last quarter. Geode Capital Management LLC boosted its position in SoFi Technologies by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock valued at $276,288,000 after purchasing an additional 315,899 shares during the last quarter. Finally, Norges Bank bought a new position in SoFi Technologies in the fourth quarter valued at approximately $103,678,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.