SoFi Technologies (NASDAQ:SOFI) Shares Down 0.9% Following Analyst Downgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price fell 0.9% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $10.00 to $8.00. Barclays currently has an equal weight rating on the stock. SoFi Technologies traded as low as $6.32 and last traded at $6.32. 8,064,280 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 46,641,020 shares. The stock had previously closed at $6.38.

Other research analysts have also recently issued reports about the company. Citigroup began coverage on SoFi Technologies in a report on Monday, April 8th. They issued a “buy” rating and a $11.00 price target for the company. Wedbush reiterated an “underperform” rating and issued a $3.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft lowered their price objective on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group lowered their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $9.29.

Insider Activity at SoFi Technologies

In other news, CEO Anthony Noto bought 28,900 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were purchased at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now owns 8,062,269 shares of the company’s stock, valued at approximately $55,790,901.48. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Anthony Noto acquired 28,900 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were bought at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the sale, the chief technology officer now owns 453,464 shares in the company, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. In the last three months, insiders acquired 88,390 shares of company stock worth $597,569. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new stake in SoFi Technologies in the 4th quarter valued at $27,000. Westside Investment Management Inc. grew its holdings in SoFi Technologies by 93.8% in the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after buying an additional 1,500 shares in the last quarter. ORG Partners LLC acquired a new position in SoFi Technologies in the 1st quarter valued at $27,000. Tortoise Investment Management LLC acquired a new position in SoFi Technologies in the 4th quarter valued at $39,000. Finally, Vermillion & White Wealth Management Group LLC acquired a new position in SoFi Technologies in the 4th quarter valued at $40,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. The business has a fifty day simple moving average of $6.81 and a 200 day simple moving average of $7.54. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of -20.39, a price-to-earnings-growth ratio of 1.48 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. SoFi Technologies’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. As a group, research analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

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.