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

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price dropped 2% on Thursday . The stock traded as low as $6.88 and last traded at $6.88. Approximately 15,218,775 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 51,531,156 shares. The stock had previously closed at $7.02.

Analyst Ratings Changes

A number of research analysts recently commented on SOFI shares. Morgan Stanley reiterated an "underweight" rating and issued a $6.50 price objective (down from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Jefferies Financial Group lowered 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 report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft decreased their price target on SoFi Technologies from $12.00 to $11.00 and set a "hold" rating on the stock in a research note on Tuesday, April 30th. Citigroup began coverage on SoFi Technologies in a research note on Monday, April 8th. They issued a "buy" rating and a $11.00 price objective for the company. Finally, Keefe, Bruyette & Woods raised SoFi Technologies from an "underperform" rating to a "market perform" rating and increased their target price for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $9.08.

SoFi Technologies Trading Down 2.7 %

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. The stock has a market capitalization of $7.22 billion, a PE ratio of -22.03, a price-to-earnings-growth ratio of 1.65 and a beta of 1.75. The business's 50-day moving average is $7.25 and its two-hundred day moving average is $7.81.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The business's quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. As a group, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CEO Anthony Noto acquired 28,900 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were purchased at an average cost of $6.92 per share, with a total value of $199,988.00. Following the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Anthony Noto bought 28,900 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $6.92 per share, with a total value of $199,988.00. Following the purchase, the chief executive officer now owns 8,062,269 shares of the company's stock, valued at $55,790,901.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeremy Rishel sold 56,273 shares of the firm's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value 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 $2,706,968.88. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas boosted its holdings in SoFi Technologies by 2.9% in the third quarter. Teacher Retirement System of Texas now owns 90,446 shares of the company's stock valued at $723,000 after acquiring an additional 2,579 shares during the last quarter. Wealthfront Advisers LLC grew its stake in shares of SoFi Technologies by 18.3% in the third quarter. Wealthfront Advisers LLC now owns 33,091 shares of the company's stock valued at $264,000 after buying an additional 5,109 shares in the last quarter. M&T Bank Corp boosted its holdings in SoFi Technologies by 10.0% in the 3rd quarter. M&T Bank Corp now owns 28,314 shares of the company's stock worth $226,000 after acquiring an additional 2,583 shares during the period. Principal Financial Group Inc. grew its stake in SoFi Technologies by 962.0% during the 3rd quarter. Principal Financial Group Inc. now owns 725,639 shares of the company's stock valued at $5,798,000 after purchasing an additional 657,312 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of SoFi Technologies by 1.3% in the 3rd quarter. California Public Employees Retirement System now owns 1,340,963 shares of the company's stock valued at $10,714,000 after purchasing an additional 16,975 shares in the last quarter. Institutional investors and hedge funds own 38.43% of the company's stock.

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.