SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.7% - Here's Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) dropped 0.7% during trading on Thursday . The stock traded as low as $13.01 and last traded at $13.41. Approximately 17,411,229 shares changed hands during trading, a decline of 63% from the average daily volume of 47,460,027 shares. The stock had previously closed at $13.50.

Analyst Ratings Changes

Several brokerages have issued reports on SOFI. The Goldman Sachs Group lifted their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Citigroup lowered shares of SoFi Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 18th. Needham & Company LLC increased their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Barclays boosted their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group increased their price objective on SoFi Technologies from $12.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $9.32.

SoFi Technologies Stock Up 1.2 %

The company's 50-day simple moving average is $9.44 and its two-hundred day simple moving average is $7.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.21. The firm has a market capitalization of $14.56 billion, a P/E ratio of 134.11, a P/E/G ratio of 2.30 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. SoFi Technologies's quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) earnings per share. As a group, research analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the transaction, the executive vice president now owns 152,203 shares in the company, valued at approximately $1,576,823.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares of the company's stock, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the business's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the transaction, the executive vice president now directly owns 152,203 shares in the company, valued at $1,576,823.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,636 shares of company stock worth $904,677 over the last three months. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors raised its holdings in shares of SoFi Technologies by 2.8% during the 3rd quarter. Captrust Financial Advisors now owns 29,639 shares of the company's stock worth $233,000 after acquiring an additional 809 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in SoFi Technologies by 20.6% in the third quarter. Rockefeller Capital Management L.P. now owns 2,209,266 shares of the company's stock worth $17,365,000 after purchasing an additional 376,899 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in SoFi Technologies by 3.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 230,827 shares of the company's stock valued at $1,814,000 after purchasing an additional 7,928 shares in the last quarter. FORA Capital LLC bought a new position in SoFi Technologies during the third quarter valued at $1,226,000. Finally, CreativeOne Wealth LLC purchased a new position in shares of SoFi Technologies in the 3rd quarter worth $94,000. 38.43% of the stock is owned by institutional investors.

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.

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