SoFi Technologies (NASDAQ:SOFI) Shares Down 2.3% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price dropped 2.3% on Wednesday . The company traded as low as $13.05 and last traded at $13.23. Approximately 10,202,085 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 44,468,832 shares. The stock had previously closed at $13.54.

Analysts Set New Price Targets

A number of brokerages have issued reports on SOFI. UBS Group upped their price target on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods restated an "underperform" rating and issued a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. Citigroup boosted 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. Finally, William Blair reaffirmed an "outperform" rating on shares of SoFi Technologies in a report on Friday, January 24th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $12.50.

SoFi Technologies Stock Performance

The stock has a market cap of $12.99 billion, a price-to-earnings ratio of 32.03, a P/E/G ratio of 2.24 and a beta of 1.79. The firm's 50-day moving average is $14.42 and its two-hundred day moving average is $13.21. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

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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 EPS for the quarter, beating analysts' consensus estimates 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 in the previous year, the company earned $0.04 earnings per share. As a group, sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $17.58, for a total value of $156,708.12. Following the completion of the sale, the executive vice president now directly owns 178,811 shares in the company, valued at $3,143,497.38. This represents a 4.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the transaction, the chief technology officer now owns 655,118 shares in the company, valued at approximately $8,280,691.52. This represents a 9.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,905 shares of company stock valued at $1,308,075 in the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SOFI. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of SoFi Technologies during the 4th quarter worth $27,000. Hollencrest Capital Management acquired a new position in shares of SoFi Technologies in the 4th quarter worth approximately $31,000. Mpwm Advisory Solutions LLC purchased a new position in shares of SoFi Technologies during the 4th quarter worth approximately $32,000. FNY Investment Advisers LLC increased its holdings in SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company's stock valued at $33,000 after purchasing an additional 1,905 shares during the last quarter. Finally, IAG Wealth Partners LLC purchased a new stake in SoFi Technologies in the fourth quarter valued at approximately $38,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.