SoFi Technologies (NASDAQ:SOFI) Trading Down 11.4% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 11.4% during trading on Friday . The company traded as low as $8.88 and last traded at $9.43. Approximately 38,866,773 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 45,286,881 shares. The stock had previously closed at $10.64.

Wall Street Analyst Weigh In

SOFI has been the topic of a number of research reports. Morgan Stanley increased their target price on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. The Goldman Sachs Group upped their target price on SoFi Technologies from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Bank of America restated an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Citigroup raised their target price on SoFi Technologies from $12.50 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Four 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 issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.50.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The company’s 50 day moving average price is $13.95 and its 200-day moving average price is $13.29. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Monday, January 27th. The company reported $0.05 EPS 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 quarter in the prior year, the firm posted $0.04 earnings per share. On average, equities research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 11,181 shares of the company’s stock in a transaction dated 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 owns 226,210 shares of the company’s stock, valued at approximately $2,877,391.20. This represents a 4.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the completion of the transaction, the chief technology officer now directly owns 655,118 shares of the company’s stock, valued at approximately $8,280,691.52. This trade represents a 9.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,905 shares of company stock worth $1,308,075 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of SoFi Technologies during the fourth quarter worth $27,000. Hollencrest Capital Management bought a new stake in SoFi Technologies in the 4th quarter valued at $31,000. Mpwm Advisory Solutions LLC acquired a new position in SoFi Technologies in the 4th quarter worth $32,000. FNY Investment Advisers LLC raised its stake in shares of SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock valued at $33,000 after purchasing an additional 1,905 shares during the period. Finally, IAG Wealth Partners LLC acquired a new stake in shares of SoFi Technologies in the 4th quarter valued at about $38,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.