SoFi Technologies (NASDAQ:SOFI) Stock Price Down 5.9% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares dropped 5.9% on Monday . The stock traded as low as $11.67 and last traded at $11.85. Approximately 15,335,844 shares changed hands during trading, a decline of 66% from the average daily volume of 45,605,363 shares. The stock had previously closed at $12.59.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SOFI. Bank of America reiterated an "underperform" rating and issued a $12.00 price target on shares of SoFi Technologies in a report on Monday, December 9th. JPMorgan Chase & Co. lifted their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a "neutral" rating in a report on Monday, December 2nd. William Blair reissued an "outperform" rating on shares of SoFi Technologies in a research note on Friday, January 24th. Morgan Stanley raised their price target on SoFi Technologies from $7.50 to $13.00 and gave the company an "underweight" rating in a report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $12.50.

SoFi Technologies Stock Up 0.7 %

The stock has a market cap of $12.35 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 2.24 and a beta of 1.79. The company's fifty day moving average price is $15.07 and its 200-day moving average price is $12.80. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

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

Insider Activity

In related news, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $15.59, for a total transaction of $138,969.26. Following the transaction, the executive vice president now directly owns 187,725 shares of the company's stock, valued at $2,926,632.75. This trade represents a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Bashir Ruzwana sold 52,000 shares of the business's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $16.02, for a total value of $833,040.00. Following the completion of the transaction, the director now directly owns 25,937 shares of the company's stock, valued at approximately $415,510.74. The trade was a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,004 shares of company stock valued at $2,292,100. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of SoFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SOFI. Elequin Capital LP lifted its stake in shares of SoFi Technologies by 30.1% during the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after buying an additional 631 shares during the period. CIBC Private Wealth Group LLC raised its position in SoFi Technologies by 1.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock worth $881,000 after buying an additional 685 shares during the last quarter. Captrust Financial Advisors lifted its stake in SoFi Technologies by 2.8% during the 3rd quarter. Captrust Financial Advisors now owns 29,639 shares of the company's stock valued at $233,000 after acquiring an additional 809 shares during the period. Summit Trail Advisors LLC boosted its holdings in shares of SoFi Technologies by 0.3% in the 3rd quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company's stock valued at $2,204,000 after acquiring an additional 855 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of SoFi Technologies by 3.5% in the third quarter. CIBC Asset Management Inc now owns 28,409 shares of the company's stock worth $223,000 after acquiring an additional 962 shares during the period. Hedge funds and other institutional investors 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.

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