SoFi Technologies (NASDAQ:SOFI) Shares Down 1.9% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares traded down 1.9% during mid-day trading on Friday . The company traded as low as $21.63 and last traded at $21.68. 26,268,417 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 53,276,051 shares. The stock had previously closed at $22.09.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. UBS Group increased their target price on SoFi Technologies from $14.00 to $15.50 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. Keefe, Bruyette & Woods increased their price objective on SoFi Technologies from $9.00 to $13.00 and gave the company an "underperform" rating in a research report on Thursday, July 10th. Cowen initiated coverage on SoFi Technologies in a research report on Friday, July 11th. They issued a "hold" rating on the stock. Needham & Company LLC restated a "buy" rating and issued a $20.00 price target on shares of SoFi Technologies in a research report on Wednesday, April 30th. Finally, Barclays raised their price objective on SoFi Technologies from $12.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Three equities 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, SoFi Technologies has a consensus rating of "Hold" and an average price target of $16.78.

SoFi Technologies Trading Down 1.3%

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The business has a 50-day moving average of $16.00 and a 200-day moving average of $14.39. The firm has a market cap of $24.11 billion, a price-to-earnings ratio of 53.20, a P/E/G ratio of 3.65 and a beta of 1.91.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. The business had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. SoFi Technologies's quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.02 earnings per share. Research analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 11,520 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total transaction of $154,137.60. Following the transaction, the executive vice president owned 203,509 shares of the company's stock, valued at $2,722,950.42. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 66,847 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was 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 in the company, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 274,095 shares of company stock valued at $3,939,168 over the last 90 days. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently made changes to their positions in the company. Two Sigma Advisers LP bought a new stake in shares of SoFi Technologies in the fourth quarter valued at approximately $299,980,000. Vanguard Group Inc. increased its holdings in shares of SoFi Technologies by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock worth $1,514,390,000 after buying an additional 8,898,879 shares in the last quarter. Norges Bank acquired a new position in shares of SoFi Technologies during the fourth quarter worth $103,678,000. Voloridge Investment Management LLC acquired a new stake in SoFi Technologies in the fourth quarter valued at $75,139,000. Finally, Nuveen LLC acquired a new stake in SoFi Technologies in the first quarter valued at $47,616,000. Institutional investors 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.