SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price was down 2% during trading on Friday . The company traded as low as $12.02 and last traded at $12.21. Approximately 15,925,226 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 45,386,371 shares. The stock had previously closed at $12.45.

Analyst Ratings Changes

A number of equities analysts recently commented on SOFI shares. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a report on Friday, February 21st. Citigroup increased their price target on SoFi Technologies from $12.50 to $18.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. The Goldman Sachs Group increased their price target on SoFi Technologies from $8.50 to $9.50 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reiterated an "underperform" rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. increased their price target on SoFi Technologies from $9.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, December 2nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, SoFi Technologies currently has a consensus rating of "Hold" and an average price target of $12.50.

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SoFi Technologies Stock Performance

The stock has a market capitalization of $12.05 billion, a P/E ratio of 29.77, a PEG ratio of 2.24 and a beta of 1.79. The firm has a 50-day moving average of $15.24 and a 200 day moving average of $12.74. 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 issued its earnings results on Monday, January 27th. The company reported $0.05 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 in the previous year, the company earned $0.04 earnings per share. Research analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 9,185 shares of SoFi Technologies stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $15.43, for a total transaction of $141,724.55. Following the completion of the transaction, the executive vice president now directly owns 169,626 shares of the company's stock, valued at approximately $2,617,329.18. This trade represents a 5.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total value of $1,021,658.52. Following the transaction, the chief technology officer now directly owns 586,494 shares of the company's stock, valued at approximately $9,219,685.68. The trade was a 9.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,004 shares of company stock valued at $2,292,100 over the last ninety days. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased 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 valued at $1,514,390,000 after buying an additional 8,898,879 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in shares of SoFi Technologies in the fourth quarter valued at $299,980,000. State Street Corp increased its stake in shares of SoFi Technologies by 1.7% in the third quarter. State Street Corp now owns 18,062,855 shares of the company's stock valued at $141,974,000 after buying an additional 310,532 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock valued at $276,288,000 after buying an additional 315,899 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of SoFi Technologies in the fourth quarter valued at $103,678,000. 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.