SoFi Technologies (NASDAQ:SOFI) Stock Price Down 8.5% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price traded down 8.5% on Tuesday . The stock traded as low as $12.24 and last traded at $12.41. 30,533,628 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 45,004,020 shares. The stock had previously closed at $13.57.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SOFI shares. Citigroup raised their price objective on SoFi Technologies from $12.50 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Keefe, Bruyette & Woods restated an "underperform" rating and set a $8.00 price target (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Mizuho lifted their price target on SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. Needham & Company LLC increased their price objective on SoFi Technologies from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Finally, Bank of America restated an "underperform" rating and issued a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $12.50.

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SoFi Technologies Trading Up 1.1 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock's 50 day moving average is $15.24 and its 200-day moving average is $12.71. The company has a market capitalization of $13.81 billion, a P/E ratio of 34.03, a P/E/G ratio of 2.24 and a beta of 1.79.

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, topping 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 period last year, the company posted $0.04 earnings per share. As a group, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Activity

In other news, Director Bashir Ruzwana sold 52,000 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 25,937 shares of the company's stock, valued at $415,510.74. The trade was a 66.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 9,185 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $15.43, for a total value of $141,724.55. Following the completion of the sale, the executive vice president now owns 169,626 shares in the company, valued at $2,617,329.18. The trade was a 5.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,004 shares of company stock worth $2,292,100. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SOFI. Two Sigma Advisers LP purchased a new position in SoFi Technologies during the fourth quarter valued at $299,980,000. Vanguard Group Inc. raised its stake in shares of SoFi Technologies by 9.9% in 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. Norges Bank purchased a new position in shares of SoFi Technologies in the fourth quarter worth $103,678,000. Voloridge Investment Management LLC purchased a new position in shares of SoFi Technologies in the fourth quarter worth $75,139,000. Finally, Amundi raised its stake in shares of SoFi Technologies by 58,176.3% in the fourth quarter. Amundi now owns 2,705,185 shares of the company's stock worth $39,360,000 after purchasing an additional 2,700,543 shares during the last quarter. Hedge funds and other institutional investors 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.