SoFi Technologies (NASDAQ:SOFI) Shares Down 2.6% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares dropped 2.6% on Monday . The company traded as low as $10.74 and last traded at $10.70. Approximately 12,579,051 shares were traded during trading, a decline of 74% from the average daily volume of 48,970,699 shares. The stock had previously closed at $10.98.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. William Blair reaffirmed an "outperform" rating on shares of SoFi Technologies in a research note on Friday, January 24th. UBS Group raised their target price on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Dbs Bank upgraded shares of SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. Finally, The Goldman Sachs Group raised their target price on shares of SoFi Technologies from $8.50 to $9.50 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $12.50.

SoFi Technologies Stock Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The firm has a fifty day moving average price of $12.44 and a two-hundred day moving average price of $13.56. The stock has a market capitalization of $13.29 billion, a PE ratio of 32.76, a P/E/G ratio of 2.24 and a beta of 1.86.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its earnings results 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 return on equity of 3.82% and a net margin of 18.64%. During the same quarter in the prior year, the business posted $0.04 EPS. Research analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,625 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total value of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares of the company's stock, valued at $8,280,691.52. This trade represents a 9.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kelli Keough sold 11,181 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.72, for a total transaction of $142,222.32. Following the completion of the transaction, the executive vice president now directly owns 226,210 shares in the company, valued at $2,877,391.20. This trade represents a 4.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 88,991 shares of company stock worth $1,151,367 in the last quarter. Company insiders own 2.60% of the company's stock.

Institutional Trading of SoFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SOFI. Vanguard Group Inc. increased its position in SoFi Technologies by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock worth $1,514,390,000 after purchasing an additional 8,898,879 shares during the last quarter. Two Sigma Advisers LP acquired a new position in SoFi Technologies in the fourth quarter valued at approximately $299,980,000. Geode Capital Management LLC boosted its stake in SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock valued at $276,288,000 after acquiring an additional 315,899 shares during the period. Norges Bank acquired a new position in shares of SoFi Technologies during the fourth quarter worth approximately $103,678,000. Finally, Charles Schwab Investment Management Inc. lifted its position in SoFi Technologies by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,313,617 shares of the company's stock worth $97,230,000 after purchasing an additional 167,780 shares during the period. 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.