SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.6% - Here's Why

Key Points

Error: One or more errors occurred.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price was down 1.6% during mid-day trading on Monday . The stock traded as low as $20.77 and last traded at $20.86. Approximately 18,968,903 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 57,792,629 shares. The stock had previously closed at $21.20.

Analysts Set New Price Targets

Several research analysts recently weighed in on SOFI shares. The Goldman Sachs Group started coverage on SoFi Technologies in a research note on Monday, July 14th. They set a "neutral" rating and a $19.00 target price for the company. Citizens Jmp lowered shares of SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 14th. Stephens began coverage on shares of SoFi Technologies in a research note on Thursday, June 12th. They set an "overweight" rating and a $20.00 price objective for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of SoFi Technologies in a research note on Wednesday, April 30th. Finally, Truist Financial upped their price objective on shares of SoFi Technologies from $14.00 to $20.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, SoFi Technologies has a consensus rating of "Hold" and an average price target of $16.78.

SoFi Technologies Price Performance

The stock has a 50 day moving average price of $16.88 and a two-hundred day moving average price of $14.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.80. The company has a market capitalization of $26.49 billion, a PE ratio of 57.89, a P/E/G ratio of 3.58 and a beta of 1.91.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. During the same quarter in the prior year, the firm posted $0.01 earnings per share. SoFi Technologies's revenue for the quarter was up 42.8% compared to the same quarter last year. Equities analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In related news, EVP Kelli Keough sold 10,267 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.80, for a total value of $223,820.60. Following the completion of the sale, the executive vice president directly owned 245,200 shares in the company, valued at approximately $5,345,360. The trade was a 4.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Magdalena Yesil sold 87,140 shares of the business'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 value of $1,253,944.60. Following the completion of the sale, the director owned 289,258 shares of the company's stock, valued at approximately $4,162,422.62. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 273,181 shares of company stock valued at $4,043,240 in the last three months. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of SoFi Technologies by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company's stock worth $1,156,805,000 after buying an additional 1,130,250 shares during the period. Two Sigma Advisers LP bought a new stake in shares of SoFi Technologies during the fourth quarter worth $299,980,000. Geode Capital Management LLC raised its position in shares of SoFi Technologies by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock worth $276,288,000 after acquiring an additional 315,899 shares during the last quarter. Norges Bank bought a new stake in shares of SoFi Technologies during the fourth quarter worth $103,678,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of SoFi Technologies by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,472,726 shares of the company's stock worth $75,278,000 after acquiring an additional 159,109 shares during the last quarter. Institutional investors 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.