SoFi Technologies (NASDAQ:SOFI) Stock Price Down 2% - Time to Sell?

Key Points

• SoFi Technologies shares decreased by 2% on Wednesday, with trading volume dropping by 56% compared to the average daily volume.
• Wall Street analysts maintain a consensus "Hold" rating for SoFi, with the average target price set at $18.29, indicating a cautious outlook.
• Recent earnings reports showed SoFi's revenue increased by 42.8% year-over-year, although it fell short of analyst expectations with $519.37 million against a forecast of $801.94 million.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares dropped 2% during trading on Wednesday . The stock traded as low as $23.36 and last traded at $23.18. Approximately 26,697,952 shares traded hands during trading, a decline of 56% from the average daily volume of 60,183,316 shares. The stock had previously closed at $23.65.

Analysts Set New Price Targets

Several research firms have recently issued reports on SOFI. UBS Group upped their price objective on SoFi Technologies from $14.00 to $15.50 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Mizuho set a $26.00 price objective on SoFi Technologies and gave the company an "outperform" rating in a report on Thursday, July 31st. Keefe, Bruyette & Woods increased their price objective on SoFi Technologies from $13.00 to $14.00 and gave the company an "underperform" rating in a report on Tuesday, August 5th. Citizens Jmp downgraded SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group assumed coverage on SoFi Technologies in a report on Monday, July 14th. They issued a "neutral" rating and a $19.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, SoFi Technologies currently has an average rating of "Hold" and a consensus target price of $18.29.

SoFi Technologies Trading Down 3.6%

The business has a 50-day moving average of $19.03 and a 200-day moving average of $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 capitalization of $25.37 billion, a price-to-earnings ratio of 47.84, a PEG ratio of 2.94 and a beta of 1.93.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data 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 4.44% and a net margin of 18.38%. The company had revenue of $519.37 million during the quarter, compared to analysts' expectations of $801.94 million. During the same period last year, the firm earned $0.01 EPS. The firm's revenue for the quarter was up 42.8% on a year-over-year basis. As a group, research analysts forecast 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 10,267 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 245,200 shares of the company's stock, valued at approximately $5,345,360. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Magdalena Yesil sold 87,140 shares of the 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 sale, the director directly owned 289,258 shares of the company's stock, valued at $4,162,422.62. The trade was a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 273,181 shares of company stock valued at $4,043,240. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake 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 in the last quarter. CMG Global Holdings LLC increased its stake in SoFi Technologies by 77.8% in the 1st quarter. CMG Global Holdings LLC now owns 140,389 shares of the company's stock valued at $1,728,000 after purchasing an additional 61,443 shares in the last quarter. Nicholas Wealth LLC. purchased a new position in SoFi Technologies in the 1st quarter valued at approximately $993,000. Sierra Summit Advisors LLC purchased a new position in SoFi Technologies during the first quarter worth $9,715,000. Finally, NorthRock Partners LLC purchased a new position in SoFi Technologies during the first quarter worth $172,000. 38.43% of the stock is owned by hedge funds and other 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.