SoFi Technologies (NASDAQ:SOFI) Shares Down 1.1% - Here's What Happened

Key Points

• Sofi Technologies' shares declined by 1.1%, closing at $23.05, with a trading volume significantly down by 78% compared to average sessions.
• Analysts have set mixed ratings on the company, with a consensus rating of "Hold" and an average target price of $18.29.
• The company reported a 42.8% year-over-year revenue increase but fell short of analysts' expectations for revenue in the latest quarter.

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) fell 1.1% during mid-day trading on Friday . The stock traded as low as $22.61 and last traded at $23.05. 13,301,002 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 60,112,242 shares. The stock had previously closed at $23.29.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of recent research reports. Barclays boosted their price target on shares of SoFi Technologies from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods upped their target price on shares of SoFi Technologies from $13.00 to $14.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 5th. Truist Financial set a $23.00 target price on shares of SoFi Technologies in a research note on Monday, August 4th. TD Cowen initiated coverage on shares of SoFi Technologies in a research note on Friday, July 11th. They set a "hold" rating and a $21.00 target price on the stock. Finally, Needham & Company LLC lifted their price target on SoFi Technologies from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $18.29.

SoFi Technologies Trading Up 0.5%

The company has a debt-to-equity ratio of 0.57, a current ratio of 0.80 and a quick ratio of 0.14. The company has a market capitalization of $25.86 billion, a price-to-earnings ratio of 48.78, a price-to-earnings-growth ratio of 2.95 and a beta of 1.93. The business's 50 day simple moving average is $19.22 and its 200 day simple moving average is $15.21.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $519.37 million for the quarter, compared to analysts' expectations of $801.94 million. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%. The firm's revenue for the quarter was up 42.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 EPS. Research analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 66,847 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.55, for a total value of $1,039,470.85. Following the transaction, the chief technology officer directly owned 724,321 shares of the company's stock, valued at approximately $11,263,191.55. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 11,520 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $13.38, for a total transaction of $154,137.60. Following the completion of the transaction, the executive vice president directly owned 203,509 shares in the company, valued at $2,722,950.42. This represents a 5.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 273,181 shares of company stock valued at $4,043,240. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in SoFi Technologies by 1.1% during the first quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company's stock worth $1,156,805,000 after acquiring an additional 1,130,250 shares during the period. CMG Global Holdings LLC grew its stake in shares of SoFi Technologies by 77.8% during the 1st quarter. CMG Global Holdings LLC now owns 140,389 shares of the company's stock worth $1,728,000 after purchasing an additional 61,443 shares during the period. Nicholas Wealth LLC. acquired a new position in shares of SoFi Technologies during the 1st quarter worth $993,000. Sierra Summit Advisors LLC acquired a new position in shares of SoFi Technologies during the 1st quarter worth $9,715,000. Finally, NorthRock Partners LLC acquired a new position in shares of SoFi Technologies during the 1st quarter worth $172,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

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.

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