SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3.3% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price traded down 3.3% during trading on Thursday . The stock traded as low as $12.73 and last traded at $12.99. 15,034,266 shares changed hands during trading, a decline of 67% from the average session volume of 45,334,578 shares. The stock had previously closed at $13.43.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SOFI. Morgan Stanley lifted their price target on SoFi Technologies from $7.50 to $13.00 and gave the company an "underweight" rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. The Goldman Sachs Group boosted their price objective on SoFi Technologies from $8.50 to $9.50 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Bank of America reaffirmed an "underperform" rating and issued a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Finally, UBS Group increased their price objective on SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $12.50.

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SoFi Technologies Stock Down 10.3 %

The stock has a market cap of $12.39 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 2.24 and a beta of 1.79. 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 firm's 50-day simple moving average is $15.24 and its two-hundred day simple moving average is $12.74.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period in the previous year, the firm posted $0.04 earnings per share. On average, sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, Director Bashir Ruzwana sold 52,000 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were 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 in the company, valued at $415,510.74. This trade represents a 66.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Eric Schuppenhauer bought 30,600 shares of SoFi Technologies stock in a transaction on Monday, December 16th. The shares were acquired at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the acquisition, the executive vice president now owns 46,105 shares of the company's stock, valued at approximately $753,355.70. This represents a 197.36 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 144,004 shares of company stock worth $2,292,100. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in shares of SoFi Technologies in the fourth quarter valued at about $3,703,000. Hanseatic Management Services Inc. bought a new stake in SoFi Technologies in the 4th quarter valued at approximately $1,116,000. Kercheville Advisors LLC acquired a new position in SoFi Technologies during the 4th quarter worth approximately $1,594,000. Charles Schwab Investment Management Inc. grew its stake in shares of SoFi Technologies by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company's stock worth $48,306,000 after acquiring an additional 87,097 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in shares of SoFi Technologies in the third quarter valued at approximately $3,766,000. 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.