SoFi Technologies (NASDAQ:SOFI) Shares Down 3.3% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price fell 3.3% during mid-day trading on Thursday . The stock traded as low as $13.33 and last traded at $13.56. 22,691,142 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 47,174,348 shares. The stock had previously closed at $14.03.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SOFI. The Goldman Sachs Group boosted their price target on shares of SoFi Technologies from $8.50 to $9.50 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Barclays boosted their target price on shares of SoFi Technologies from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Dbs Bank upgraded shares of SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. Citizens Jmp assumed coverage on shares of SoFi Technologies in a research note on Friday, April 25th. They issued an "outperform" rating and a $17.00 target price on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of SoFi Technologies in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, SoFi Technologies presently has a consensus rating of "Hold" and a consensus target price of $14.38.

SoFi Technologies Trading Down 2.9%

The business has a 50 day moving average price of $11.97 and a 200 day moving average price of $13.90. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $14.94 billion, a P/E ratio of 36.87, a PEG ratio of 2.24 and a beta of 1.84.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. The business had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. During the same period in the prior year, the business earned $0.02 EPS. SoFi Technologies's revenue for the quarter was up 32.7% compared to the same quarter last year. Analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 9,185 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $15.43, for a total transaction of $141,724.55. Following the completion of the transaction, the executive vice president now directly owns 169,626 shares of the company's stock, valued at $2,617,329.18. This trade represents a 5.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares of the company's stock, valued at $8,280,691.52. This represents a 9.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,172 shares of company stock valued at $1,271,115 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the stock. Elequin Capital LP boosted its holdings in shares of SoFi Technologies by 30.1% in the 4th quarter. Elequin Capital LP now owns 2,726 shares of the company's stock valued at $42,000 after buying an additional 631 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of SoFi Technologies by 1.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock valued at $881,000 after buying an additional 685 shares during the last quarter. Procyon Advisors LLC lifted its holdings in SoFi Technologies by 8.0% during the 4th quarter. Procyon Advisors LLC now owns 13,497 shares of the company's stock valued at $208,000 after purchasing an additional 1,000 shares during the last quarter. Game Plan Financial Advisors LLC lifted its holdings in SoFi Technologies by 13.9% during the 4th quarter. Game Plan Financial Advisors LLC now owns 8,200 shares of the company's stock valued at $128,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Bank of New Hampshire lifted its holdings in SoFi Technologies by 33.3% during the 1st quarter. Bank of New Hampshire now owns 4,000 shares of the company's stock valued at $47,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 38.43% of the company's stock.

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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