SoFi Technologies (NASDAQ:SOFI) Shares Down 2.3% - Here's What Happened

Key Points

• SoFi Technologies' stock fell 2.3% to $23.26 on Thursday, with trading volume down 67% from its average daily volume.
• Recent analyst reports show a range of ratings for SoFi, with an average rating of "Hold" and a target price of $18.29, while Needham & Company set a "buy" rating with a target of $25.00.
• In its latest earnings report, SoFi surpassed earnings expectations with $0.08 EPS, despite revenue coming in lower than estimates at $519.37 million.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price was down 2.3% on Thursday . The stock traded as low as $23.16 and last traded at $23.26. Approximately 19,744,318 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 60,195,793 shares. The stock had previously closed at $23.81.

Analyst Ratings Changes

SOFI has been the subject of a number of research reports. Needham & Company LLC lifted their price objective on SoFi Technologies from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Stephens started coverage on SoFi Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $20.00 target price on the stock. Mizuho set a $26.00 target price on SoFi Technologies and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Cowen began coverage on SoFi Technologies in a research report on Friday, July 11th. They set a "hold" rating on the stock. Finally, Redburn Atlantic raised SoFi Technologies to a "hold" rating in a research note on Friday, August 1st. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, SoFi Technologies has an average rating of "Hold" and an average target price of $18.29.

SoFi Technologies Stock Down 4.3%

The business's 50 day moving average is $19.03 and its 200 day moving average is $15.17. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.14 and a current ratio of 0.80. The stock has a market cap of $25.18 billion, a price-to-earnings ratio of 47.47, a price-to-earnings-growth ratio of 2.94 and a beta of 1.93.

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

Insider Activity at SoFi Technologies

In other SoFi Technologies news, Director Magdalena Yesil sold 87,140 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 represents a 23.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 10,267 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $21.80, for a total transaction of $223,820.60. Following the transaction, the executive vice president owned 245,200 shares of the company's stock, valued at $5,345,360. The trade was a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,181 shares of company stock valued at $4,043,240 over the last quarter. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP bought a new position in shares of SoFi Technologies during the fourth quarter worth approximately $299,980,000. Norges Bank bought a new position in shares of SoFi Technologies during the second quarter worth approximately $164,068,000. Quadrature Capital Ltd bought a new position in shares of SoFi Technologies during the second quarter worth approximately $115,188,000. Voloridge Investment Management LLC bought a new position in shares of SoFi Technologies during the fourth quarter worth approximately $75,139,000. Finally, Nuveen LLC bought a new position in shares of SoFi Technologies during the first quarter worth approximately $47,616,000. 38.43% of the stock is owned by 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.

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