Shares of SoFi Technologies, Inc. (NASDAQ:SOFI – Get Free Report) fell 3.9% during trading on Thursday. The company traded as low as $15.61 and last traded at $15.63. Approximately 44,892,938 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 63,436,730 shares. The stock had previously closed at $16.27.
Key Headlines Impacting SoFi Technologies
Investors following SOFI have been watching these headlines:
- Positive Sentiment: SoFi launched SoFi Earn, an interest-bearing tokenized deposit product, and its SoFiUSD stablecoin became available on Polygon in addition to Ethereum and Solana. These moves could broaden its deposit and payments offerings, though their financial contribution is not yet clear. Article: SoFi Technologies Introduced The First Tokenized Deposit Product At A US Bank Article: SoFi’s Bank-Issued Stablecoin SoFiUSD Goes Live on Polygon
- Positive Sentiment: ARK Invest reportedly bought about $6.8 million of SoFi shares, a notable institutional vote of confidence. Scotiabank also reiterated its $26 price target. Article: Cathie Wood Sees Something in SoFi Article: Could SoFi Actually Climb 59%?
- Negative Sentiment: The new deposit offer advertises a variable 4.40% yield. If attracting deposits at that rate weighs on funding costs, it could limit profitability. More broadly, SoFi’s growth outlook depends on turning free or low-revenue products into profitable customer relationships. Article: SoFi’s 4.40% Deposit Offer Could Be a Smart Move. Here’s the Risk. Article: SoFi’s Record Profits Hide 1 Number That Could Decide Its 2027 Growth
Analyst Ratings Changes
SOFI has been the subject of a number of research analyst reports. Morgan Stanley lowered their price objective on shares of SoFi Technologies from $16.00 to $15.00 and set an “underweight” rating for the company in a research report on Thursday, July 30th. Mizuho decreased their target price on shares of SoFi Technologies from $29.00 to $22.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Loop Capital initiated coverage on shares of SoFi Technologies in a report on Tuesday, September 8th. They set a “hold” rating and a $22.00 price target for the company. Weiss Ratings upgraded SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, October 21st. Finally, The Goldman Sachs Group set a $15.00 price objective on SoFi Technologies in a report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $21.27.
SoFi Technologies Price Performance
The company has a 50 day moving average price of $16.28 and a 200-day moving average price of $17.51. The company has a quick ratio of 0.10, a current ratio of 0.74 and a debt-to-equity ratio of 0.34. The company has a market cap of $20.19 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 1.02 and a beta of 2.25.
SoFi Technologies (NASDAQ:SOFI – Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. SoFi Technologies had a net margin of 15.60% and a return on equity of 6.81%. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business earned $0.11 earnings per share. SoFi Technologies’s revenue was up 44.4% compared to the same quarter last year. As a group, equities research analysts predict that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.
Insider Transactions at SoFi Technologies
In other SoFi Technologies news, EVP Kelli Keough sold 10,203 shares of the company’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $14.72, for a total value of $150,188.16. Following the sale, the executive vice president owned 397,870 shares in the company, valued at approximately $5,856,646.40. The trade was a 2.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 18,624 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $17.50, for a total value of $325,920.00. Following the transaction, the chief technology officer owned 912,650 shares of the company’s stock, valued at $15,971,375. This trade represents a 2.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 50,316 shares of company stock worth $852,605 in the last quarter. Corporate insiders own 2.50% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of SoFi Technologies in the 2nd quarter worth about $1,298,925,000. Bank of America Corp DE bought a new stake in shares of SoFi Technologies during the 2nd quarter valued at about $163,808,000. Dimensional Fund Advisors LP boosted its position in shares of SoFi Technologies by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,106,532 shares of the company’s stock valued at $144,539,000 after purchasing an additional 359,785 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SoFi Technologies during the second quarter worth approximately $93,937,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in SoFi Technologies by 4.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,925,068 shares of the company’s stock worth $88,306,000 after purchasing an additional 198,336 shares during the period. Institutional investors and hedge funds own 38.43% of the company’s stock.
About SoFi Technologies
SoFi Technologies, Inc. is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings. Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.
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