SoFi Technologies (NASDAQ:SOFI) Shares Down 2.9%

SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 2.9% during trading on Thursday . The stock traded as low as $7.26 and last traded at $7.38. Approximately 16,607,039 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 51,908,938 shares. The stock had previously closed at $7.60.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several research reports. Mizuho decreased their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, January 18th. Citigroup started coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 price target for the company. Morgan Stanley reissued an “underweight” rating and set a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. The Goldman Sachs Group lifted their price target on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Finally, Wedbush reissued an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a research report on Wednesday, March 6th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Price Performance

The firm’s 50-day moving average is $7.64 and its 200-day moving average is $7.90. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, January 29th. The company reported $0.02 EPS for the quarter. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm had revenue of $615.40 million for the quarter, compared to the consensus estimate of $572.02 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The company’s quarterly revenue was up 34.7% compared to the same quarter last year. Equities research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOFI. AE Wealth Management LLC grew its holdings in shares of SoFi Technologies by 21.5% in the third quarter. AE Wealth Management LLC now owns 111,637 shares of the company’s stock worth $892,000 after purchasing an additional 19,766 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of SoFi Technologies by 23.5% in the third quarter. SG Americas Securities LLC now owns 34,436 shares of the company’s stock worth $275,000 after purchasing an additional 6,548 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of SoFi Technologies by 202.3% in the third quarter. Exchange Traded Concepts LLC now owns 14,963 shares of the company’s stock worth $120,000 after purchasing an additional 10,013 shares during the last quarter. Strategic Blueprint LLC bought a new position in shares of SoFi Technologies in the third quarter worth about $82,000. Finally, Hennessy Advisors Inc. bought a new position in SoFi Technologies during the 3rd quarter worth about $559,000. 38.43% of the stock is currently owned by institutional investors.

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.