SoFi Technologies (NASDAQ:SOFI) Stock Price Down 5.9% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 5.9% on Monday . The company traded as low as $11.67 and last traded at $11.85. 15,335,844 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 45,605,363 shares. The stock had previously closed at $12.59.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. William Blair reiterated 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 research report on Friday, February 21st. Needham & Company LLC boosted their target price on SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Finally, UBS Group raised their price target on SoFi Technologies from $10.50 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Stock Down 11.2 %

The firm has a 50-day moving average price of $15.24 and a two-hundred day moving average price of $12.74. The firm has a market cap of $12.26 billion, a price-to-earnings ratio of 30.22, a price-to-earnings-growth ratio of 2.24 and a beta of 1.79. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share (EPS) 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 last year, the business earned $0.04 EPS. On average, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Bashir Ruzwana sold 52,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the completion of the sale, the director now owns 25,937 shares in the company, valued at approximately $415,510.74. This represents a 66.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Eric Schuppenhauer purchased 30,600 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were bought at an average cost of $16.34 per share, for a total transaction of $500,004.00. Following the acquisition, the executive vice president now owns 46,105 shares of the company’s stock, valued at approximately $753,355.70. The trade was a 197.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 144,004 shares of company stock worth $2,292,100 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors have recently bought and sold shares of SOFI. Janney Montgomery Scott LLC boosted its holdings in shares of SoFi Technologies by 26.1% in the third quarter. Janney Montgomery Scott LLC now owns 135,063 shares of the company’s stock valued at $1,062,000 after acquiring an additional 27,958 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in SoFi Technologies by 16.5% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 104,203 shares of the company’s stock worth $819,000 after purchasing an additional 14,787 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of SoFi Technologies during the 3rd quarter worth approximately $27,000. SpiderRock Advisors LLC lifted its holdings in shares of SoFi Technologies by 98.2% in the 3rd quarter. SpiderRock Advisors LLC now owns 251,246 shares of the company’s stock valued at $1,975,000 after buying an additional 124,500 shares during the period. Finally, Consolidated Investment Group LLC boosted its position in shares of SoFi Technologies by 119.0% during the 3rd quarter. Consolidated Investment Group LLC now owns 138,000 shares of the company’s stock worth $1,085,000 after purchasing an additional 75,000 shares in the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

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.