SoFi Technologies (NASDAQ:SOFI) Trading Down 1.7% - Here's Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) dropped 1.7% on Thursday . The stock traded as low as $11.56 and last traded at $11.72. Approximately 12,435,307 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 46,470,309 shares. The stock had previously closed at $11.92.

Analyst Ratings Changes

SOFI has been the subject of several research analyst reports. Bank of America reaffirmed an "underperform" rating and issued a $12.00 price objective on shares of SoFi Technologies in a report on Monday, December 9th. Mizuho upped their price objective 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. Needham & Company LLC upped their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Dbs Bank upgraded shares of SoFi Technologies to a "strong-buy" rating in a research report on Friday, February 21st. Finally, UBS Group boosted their price target on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $12.50.

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SoFi Technologies Trading Up 0.4 %

The stock has a market cap of $13.32 billion, a price-to-earnings ratio of 32.77, a P/E/G ratio of 2.24 and a beta of 1.79. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $14.89 and a 200-day simple moving average of $12.89.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its 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 return on equity of 3.82% and a net margin of 18.64%. During the same period in the prior year, the business posted $0.04 EPS. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Kelli Keough sold 9,185 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $15.43, for a total value of $141,724.55. Following the completion of the sale, the executive vice president now owns 169,626 shares of the company's stock, valued at approximately $2,617,329.18. The trade was a 5.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Jeremy Rishel sold 64,991 shares of the business's stock in a transaction that occurred 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 92,004 shares of company stock worth $1,459,060 in the last 90 days. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in SoFi Technologies during the fourth quarter worth approximately $3,703,000. Hanseatic Management Services Inc. bought a new stake in SoFi Technologies during the fourth quarter worth approximately $1,116,000. Kercheville Advisors LLC bought a new stake in SoFi Technologies during the fourth quarter worth approximately $1,594,000. Charles Schwab Investment Management Inc. boosted its position in SoFi Technologies by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company's stock worth $48,306,000 after purchasing an additional 87,097 shares during the period. Finally, Zacks Investment Management bought a new stake in SoFi Technologies during the third quarter worth approximately $3,766,000. Institutional investors own 38.43% of the company's stock.

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.