SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2%

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) was down 2% during mid-day trading on Friday . The stock traded as low as $7.45 and last traded at $7.49. Approximately 8,355,966 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 53,929,816 shares. The stock had previously closed at $7.64.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SOFI shares. Needham & Company LLC started coverage on shares of SoFi Technologies in a research note on Wednesday, April 3rd. They issued a "buy" rating and a $10.00 price objective for the company. Jefferies Financial Group 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 research note on Tuesday, March 26th. Morgan Stanley restated an "underweight" rating and issued a $6.50 price objective (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of SoFi Technologies in a research note on Wednesday, January 10th. They issued a "hold" rating and a $11.00 price objective for the company. Finally, Mizuho reduced their target price 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. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $9.08.

SoFi Technologies Stock Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of -19.29 and a beta of 1.75. The stock's 50-day moving average is $7.79 and its 200 day moving average is $7.92.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $572.02 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The firm's revenue was up 34.7% compared to the same quarter last year. As a group, analysts predict that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred 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 completion of the sale, the chief technology officer now directly owns 390,616 shares in the company, valued at approximately $2,706,968.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of SoFi Technologies by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company's stock worth $810,527,000 after purchasing an additional 5,057,233 shares in the last quarter. BlackRock Inc. grew its stake in SoFi Technologies by 6.4% in the 2nd quarter. BlackRock Inc. now owns 38,122,793 shares of the company's stock worth $317,944,000 after acquiring an additional 2,302,565 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in SoFi Technologies in the 4th quarter worth approximately $83,643,000. State Street Corp grew its stake in SoFi Technologies by 12.9% in the 2nd quarter. State Street Corp now owns 13,680,519 shares of the company's stock worth $114,096,000 after acquiring an additional 1,567,782 shares during the period. Finally, Geode Capital Management LLC grew its stake in SoFi Technologies by 4.2% in the 1st quarter. Geode Capital Management LLC now owns 12,051,675 shares of the company's stock worth $73,154,000 after acquiring an additional 484,530 shares during the period. 38.43% of the stock is owned by hedge funds and other 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.