SoFi Technologies (NASDAQ:SOFI) Shares Down 5.9% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price dropped 5.9% during mid-day trading on Thursday . The stock traded as low as $15.06 and last traded at $15.23. Approximately 19,994,495 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 43,151,055 shares. The stock had previously closed at $16.18.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SOFI shares. Mizuho boosted their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. Needham & Company LLC upped their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. 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. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Finally, The Goldman Sachs Group raised their price objective on SoFi Technologies from $8.50 to $9.50 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, SoFi Technologies currently has a consensus rating of "Hold" and a consensus target price of $12.50.

SoFi Technologies Trading Down 3.1 %

The stock has a market cap of $15.11 billion, a P/E ratio of 37.62, a price-to-earnings-growth ratio of 2.24 and a beta of 1.77. The firm's 50 day simple moving average is $15.65 and its two-hundred day simple moving average is $12.32. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

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 in the prior year, the firm posted $0.04 earnings per share. As a group, equities research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Eric Schuppenhauer purchased 30,600 shares of the stock in a transaction dated Monday, December 16th. The stock was acquired at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the transaction, the executive vice president now owns 46,105 shares of the company's stock, valued at approximately $753,355.70. The trade was a 197.36 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bashir Ruzwana sold 52,000 shares of SoFi Technologies stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the completion of the sale, the director now owns 25,937 shares in the company, valued at approximately $415,510.74. This represents a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,008,465 shares of company stock valued at $416,952,167. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in shares of SoFi Technologies during the third quarter worth approximately $27,000. Skandinaviska Enskilda Banken AB publ acquired a new position in SoFi Technologies during the 4th quarter worth $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies in the third quarter worth $28,000. Hollencrest Capital Management bought a new position in shares of SoFi Technologies in the fourth quarter worth $31,000. Finally, Mpwm Advisory Solutions LLC bought a new stake in shares of SoFi Technologies during the fourth quarter valued at about $32,000. 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.