SoFi Technologies (NASDAQ:SOFI) Trading Down 6.1% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares were down 6.1% on Wednesday . The company traded as low as $12.05 and last traded at $12.47. Approximately 34,972,698 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 46,672,786 shares. The stock had previously closed at $13.27.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group raised their target price on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research report on Wednesday. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a research report on Friday, February 21st. JMP Securities started coverage on SoFi Technologies in a research report on Friday, April 25th. They issued a "market outperform" rating and a $17.00 target price for the company. Citigroup boosted their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Finally, Citizens Jmp began coverage on shares of SoFi Technologies in a report on Friday, April 25th. They issued an "outperform" rating and a $17.00 price objective for the company. Four analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, SoFi Technologies presently has an average rating of "Hold" and an average target price of $13.20.

SoFi Technologies Stock Performance

The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of 33.81, a P/E/G ratio of 2.24 and a beta of 1.86. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock has a fifty day simple moving average of $12.09 and a two-hundred day simple moving average of $13.70.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, topping the consensus estimate 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 quarter last year, the firm posted $0.02 earnings per share. The firm's revenue was up 32.7% on a year-over-year basis. Analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 68,625 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares in the company, valued at $8,280,691.52. This trade represents a 9.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kelli Keough sold 11,181 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.72, for a total transaction of $142,222.32. Following the sale, the executive vice president now owns 226,210 shares of the company's stock, valued at $2,877,391.20. This trade represents a 4.71 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,172 shares of company stock worth $1,271,115. 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. Elequin Capital LP lifted its holdings in SoFi Technologies by 30.1% during the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after acquiring an additional 631 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of SoFi Technologies by 1.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company's stock valued at $881,000 after purchasing an additional 685 shares during the last quarter. Procyon Advisors LLC raised its stake in shares of SoFi Technologies by 8.0% during the 4th quarter. Procyon Advisors LLC now owns 13,497 shares of the company's stock worth $208,000 after purchasing an additional 1,000 shares during the period. Game Plan Financial Advisors LLC boosted its holdings in shares of SoFi Technologies by 13.9% in the 4th quarter. Game Plan Financial Advisors LLC now owns 8,200 shares of the company's stock worth $128,000 after buying an additional 1,000 shares during the last quarter. Finally, Bank of New Hampshire grew its position in SoFi Technologies by 33.3% during the first quarter. Bank of New Hampshire now owns 4,000 shares of the company's stock valued at $47,000 after buying an additional 1,000 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.