SoFi Technologies (NASDAQ:SOFI) Trading Down 11.9% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price traded down 11.9% on Thursday . The stock traded as low as $10.78 and last traded at $10.84. 25,061,075 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 45,132,820 shares. The stock had previously closed at $12.31.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. UBS Group raised their price target 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. The Goldman Sachs Group raised their price objective on SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Needham & Company LLC upped their target price on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Dbs Bank upgraded shares of SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. Finally, William Blair reissued an “outperform” rating on shares of SoFi Technologies in a research note on Friday, January 24th. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Stock Performance

The stock’s 50-day simple moving average is $14.10 and its 200 day simple moving average is $13.30. The company has a market capitalization of $11.67 billion, a PE ratio of 28.76, a P/E/G 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 posted its 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 last year, the firm earned $0.04 EPS. As a group, research analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 68,625 shares of the business’s 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 completion of the sale, the chief technology officer now directly owns 655,118 shares of the company’s stock, valued at $8,280,691.52. The trade was a 9.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,185 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $15.43, for a total value of $141,724.55. Following the transaction, the executive vice president now directly owns 169,626 shares in the company, valued at approximately $2,617,329.18. The trade was a 5.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,905 shares of company stock valued at $1,308,075. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently modified their holdings of SOFI. 111 Capital purchased a new stake in SoFi Technologies in the 4th quarter valued at $438,000. Keystone Financial Services LLC purchased a new stake in shares of SoFi Technologies in the fourth quarter valued at about $275,000. Centaurus Financial Inc. acquired a new stake in shares of SoFi Technologies during the fourth quarter worth about $172,000. Total Wealth Planning & Management Inc. purchased a new position in shares of SoFi Technologies during the fourth quarter worth about $821,000. Finally, Jefferies Financial Group Inc. acquired a new position in SoFi Technologies in the 4th quarter valued at about $1,164,000. 38.43% of the stock is 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.