SoFi Technologies (NASDAQ:SOFI) Shares Down 2.7% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was down 2.7% on Tuesday . The company traded as low as $17.85 and last traded at $17.72. Approximately 32,458,964 shares traded hands during trading, a decline of 37% from the average daily volume of 51,640,523 shares. The stock had previously closed at $18.21.

Analyst Ratings Changes

Several analysts recently issued reports on SOFI shares. Stephens began coverage on shares of SoFi Technologies in a research report on Thursday, June 12th. They set an “overweight” rating and a $20.00 price target on the stock. Barclays boosted their price objective on shares of SoFi Technologies from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. UBS Group raised their target price on SoFi Technologies from $14.00 to $15.50 and gave the company a “neutral” rating in a report on Wednesday, April 30th. Citizens Jmp initiated coverage on SoFi Technologies in a research note on Friday, April 25th. They issued an “outperform” rating and a $17.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of SoFi Technologies in a research report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, SoFi Technologies presently has an average rating of “Hold” and a consensus target price of $14.73.

SoFi Technologies Price Performance

The company has a 50 day moving average price of $13.91 and a 200-day moving average price of $13.96. The company has a market cap of $19.50 billion, a price-to-earnings ratio of 43.17, a P/E/G ratio of 2.91 and a beta of 1.82. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.46.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $763.81 million for the quarter, compared to analyst estimates of $739.93 million. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. SoFi Technologies’s revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 earnings per share. As a group, equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, EVP Kelli Keough sold 10,267 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.22, for a total value of $156,263.74. Following the sale, the executive vice president directly owned 255,467 shares in the company, valued at $3,888,207.74. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Magdalena Yesil sold 87,140 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the transaction, the director owned 289,258 shares of the company’s stock, valued at approximately $4,162,422.62. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 274,095 shares of company stock worth $3,939,168. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of the company. Two Sigma Advisers LP bought a new position in shares of SoFi Technologies in the 4th quarter worth about $299,980,000. Vanguard Group Inc. increased its stake in SoFi Technologies by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock valued at $1,514,390,000 after purchasing an additional 8,898,879 shares in the last quarter. Norges Bank acquired a new position in shares of SoFi Technologies during the fourth quarter valued at about $103,678,000. Voloridge Investment Management LLC bought a new position in shares of SoFi Technologies during the 4th quarter worth about $75,139,000. Finally, Nuveen LLC acquired a new stake in shares of SoFi Technologies in the 1st quarter valued at about $47,616,000. 38.43% of the stock is 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.