SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2.8% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price fell 2.8% on Tuesday . The stock traded as low as $16.29 and last traded at $16.41. 20,539,252 shares were traded during mid-day trading, a decline of 57% from the average session volume of 47,488,137 shares. The stock had previously closed at $16.88.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SOFI. Barclays boosted their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Needham & Company LLC boosted 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. Jefferies Financial Group raised their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a "buy" rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price objective on SoFi Technologies from $9.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday, December 2nd. Finally, Mizuho raised their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $10.50.

SoFi Technologies Stock Down 1.3 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock has a market cap of $18.08 billion, a P/E ratio of 166.60, a P/E/G ratio of 2.65 and a beta of 1.77. The stock's fifty day simple moving average is $13.16 and its 200-day simple moving average is $9.29.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) EPS. As a group, research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 68,081 shares of the company's 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 transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Eric Schuppenhauer bought 30,600 shares of the firm's stock in a transaction on Monday, December 16th. The shares were bought at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the purchase, 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 position. The disclosure for this purchase can be found here. Insiders sold 26,012,748 shares of company stock worth $416,356,356 over the last three months. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SOFI. Dimensional Fund Advisors LP grew its holdings in SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company's stock worth $86,478,000 after acquiring an additional 9,482,683 shares during the last quarter. Marshall Wace LLP grew its stake in shares of SoFi Technologies by 130.0% in the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company's stock worth $42,026,000 after purchasing an additional 3,593,464 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in SoFi Technologies by 214.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company's stock valued at $30,971,000 after purchasing an additional 2,688,847 shares during the period. Mizuho Markets Americas LLC raised its position in SoFi Technologies by 403.4% during the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company's stock worth $20,132,000 after purchasing an additional 2,440,745 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in SoFi Technologies during the 3rd quarter worth about $16,014,000. 38.43% of the stock is currently 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.