SoFi Technologies (NASDAQ:SOFI) Shares Down 2.4% - Here's What Happened

Key Points

• SoFi Technologies shares experienced a decline of 2.4%, trading as low as $28.85, with trading volume down 23% from the average.
• Recent analyst reports show a range of ratings on SoFi, with one Strong Buy, six Buy, and eleven Hold ratings, reflecting mixed investor sentiment.
• SoFi reported $519.37 million in revenue for the latest quarter, falling short of analyst expectations, despite a net margin of 18.38% and healthy earnings growth over the year.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares dropped 2.4% during mid-day trading on Tuesday . The company traded as low as $28.85 and last traded at $29.09. Approximately 47,044,987 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 61,395,762 shares. The stock had previously closed at $29.81.

Analysts Set New Price Targets

SOFI has been the subject of a number of research analyst reports. Rothschild & Co Redburn began coverage on SoFi Technologies in a report on Friday, August 1st. They issued a "neutral" rating and a $20.50 price target for the company. Citigroup increased their price objective on SoFi Technologies from $18.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Redburn Atlantic raised SoFi Technologies to a "hold" rating in a report on Friday, August 1st. The Goldman Sachs Group began coverage on SoFi Technologies in a report on Monday, July 14th. They issued a "neutral" rating and a $19.00 price objective for the company. Finally, Needham & Company LLC increased their price objective on SoFi Technologies from $25.00 to $29.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, SoFi Technologies has an average rating of "Hold" and an average target price of $19.88.

SoFi Technologies Price Performance

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 50 day moving average price of $23.99 and a 200 day moving average price of $17.27. The firm has a market cap of $34.83 billion, a PE ratio of 60.60, a PEG ratio of 3.51 and a beta of 1.93.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%.The business had revenue of $519.37 million during the quarter, compared to analysts' expectations of $801.94 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The company's quarterly revenue was up 42.8% compared to the same quarter last year. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 10,578 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $22.13, for a total value of $234,091.14. Following the completion of the transaction, the executive vice president owned 234,622 shares in the company, valued at approximately $5,192,184.86. This represents a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Jeremy Rishel sold 98,733 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $27.50, for a total value of $2,715,157.50. Following the completion of the transaction, the chief technology officer owned 759,553 shares of the company's stock, valued at $20,887,707.50. The trade was a 11.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 129,614 shares of company stock valued at $3,452,672 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOFI. Norges Bank purchased a new position in shares of SoFi Technologies in the second quarter valued at $164,068,000. Quadrature Capital Ltd acquired a new stake in shares of SoFi Technologies during the second quarter valued at $115,188,000. Nuveen LLC acquired a new position in shares of SoFi Technologies during the 1st quarter valued at about $47,616,000. Marshall Wace LLP lifted its holdings in shares of SoFi Technologies by 88.2% during the 2nd quarter. Marshall Wace LLP now owns 7,997,146 shares of the company's stock worth $145,628,000 after acquiring an additional 3,748,817 shares during the period. Finally, Mizuho Markets Cayman LP acquired a new stake in shares of SoFi Technologies in the second quarter worth approximately $45,525,000. Hedge funds and other 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.

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