SoFi Technologies (NASDAQ:SOFI) Shares Down 4.1% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares dropped 4.1% during trading on Monday . The stock traded as low as $10.98 and last traded at $11.37. Approximately 16,234,201 shares changed hands during trading, a decline of 64% from the average daily volume of 44,852,820 shares. The stock had previously closed at $11.85.

Analyst Ratings Changes

Several research firms recently issued reports on SOFI. Bank of America reaffirmed an "underperform" rating and issued a $12.00 price objective on shares of SoFi Technologies in a research note on Monday, December 9th. Citigroup upped their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Morgan Stanley increased their price objective on SoFi Technologies from $7.50 to $13.00 and gave the company an "underweight" rating in a report on Thursday, December 19th. The Goldman Sachs Group boosted their target price on SoFi Technologies from $8.50 to $9.50 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods reiterated an "underperform" rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Four equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $12.50.

SoFi Technologies Price Performance

The firm has a market cap of $10.49 billion, a price-to-earnings ratio of 25.86, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86. The stock's 50-day moving average price is $13.78 and its 200 day moving average price is $13.30. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating 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 period in the previous year, the business posted $0.04 earnings per share. Equities research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 9,185 shares of the firm's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $15.43, for a total transaction of $141,724.55. Following the completion of the transaction, the executive vice president now directly owns 169,626 shares of the company's stock, valued at approximately $2,617,329.18. This trade represents a 5.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $12.64, for a total transaction of $867,420.00. Following the completion of the sale, the chief technology officer now directly owns 655,118 shares in the company, valued at approximately $8,280,691.52. The trade was a 9.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,905 shares of company stock worth $1,308,075 over the last 90 days. Corporate insiders own 2.60% of the company's stock.

Institutional Trading of SoFi Technologies

Several institutional investors have recently bought and sold shares of SOFI. Berkshire Capital Holdings Inc. lifted its holdings in shares of SoFi Technologies by 6,208,000.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 620,810 shares of the company's stock valued at $9,560,000 after acquiring an additional 620,800 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of SoFi Technologies during the 4th quarter worth about $3,703,000. Hanseatic Management Services Inc. bought a new position in SoFi Technologies during the 4th quarter valued at about $1,116,000. Kercheville Advisors LLC acquired a new position in SoFi Technologies in the fourth quarter valued at about $1,594,000. Finally, Zacks Investment Management bought a new stake in SoFi Technologies during the third quarter worth about $3,766,000. Institutional investors and hedge funds 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.