SoFi Technologies (NASDAQ:SOFI) Stock Price Down 11.9% - Here's What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) dropped 11.9% during mid-day trading on Thursday . The stock traded as low as $10.78 and last traded at $10.84. Approximately 25,061,075 shares changed hands during trading, a decline of 44% from the average daily volume of 45,132,820 shares. The stock had previously closed at $12.31.

Analyst Ratings Changes

Several brokerages recently weighed in 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 research note on Thursday, December 19th. UBS Group increased their target price on SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. William Blair reissued an "outperform" rating on shares of SoFi Technologies in a report on Friday, January 24th. Dbs Bank raised shares of SoFi Technologies to a "strong-buy" rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $8.50 to $9.50 and gave the stock a "neutral" rating in a research note 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. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $12.50.

SoFi Technologies Trading Down 3.7 %

The stock has a market cap of $10.42 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86. 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 company's 50-day moving average price is $13.66 and its 200 day moving average price is $13.38.

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SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the firm earned $0.04 earnings per share. On average, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction dated 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 transaction, the executive vice president now directly owns 178,811 shares of the company's stock, valued at $3,143,497.38. The trade was a 4.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Jeremy Rishel sold 68,625 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the sale, the chief technology officer now directly owns 655,118 shares in the company, valued at $8,280,691.52. This represents a 9.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 97,905 shares of company stock valued at $1,308,075. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SOFI. Elequin Capital LP raised its holdings in SoFi Technologies by 30.1% in the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock valued at $42,000 after acquiring an additional 631 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of SoFi Technologies by 1.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock valued at $881,000 after purchasing an additional 685 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of SoFi Technologies by 2.8% in the 3rd quarter. Captrust Financial Advisors now owns 29,639 shares of the company's stock valued at $233,000 after purchasing an additional 809 shares in the last quarter. Procyon Advisors LLC lifted its position in shares of SoFi Technologies by 8.0% during the 4th quarter. Procyon Advisors LLC now owns 13,497 shares of the company's stock worth $208,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Game Plan Financial Advisors LLC grew its stake in shares of SoFi Technologies by 13.9% during the fourth quarter. Game Plan Financial Advisors LLC now owns 8,200 shares of the company's stock worth $128,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 38.43% of the company's stock.

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.