SoFi Technologies, Inc. (NASDAQ:SOFI – Get Free Report) was down 1.9% on Tuesday after Barclays lowered their price target on the stock from $10.00 to $8.00. Barclays currently has an equal weight rating on the stock. SoFi Technologies traded as low as $6.15 and last traded at $6.23. Approximately 19,491,102 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 46,775,660 shares. The stock had previously closed at $6.35.
Several other equities research analysts have also recently commented on the company. Keefe, Bruyette & Woods cut their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a report on Tuesday, April 30th. Wedbush reaffirmed an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Jefferies Financial Group cut their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. Finally, Citigroup began coverage on SoFi Technologies in a report on Monday, April 8th. They issued a “buy” rating and a $11.00 price target for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.29.
Insider Transactions at SoFi Technologies
In other news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Anthony Noto bought 28,775 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was purchased at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the acquisition, the chief executive officer now owns 8,033,369 shares in the company, valued at approximately $55,430,246.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the transaction, the chief technology officer now owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The disclosure for this sale can be found here. Insiders bought a total of 88,390 shares of company stock worth $597,569 over the last ninety days. Company insiders own 2.60% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of SoFi Technologies by 3.5% during the third quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock worth $610,458,000 after purchasing an additional 2,567,797 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of SoFi Technologies by 20.9% during the fourth quarter. Wells Fargo & Company MN now owns 2,854,098 shares of the company’s stock worth $28,398,000 after purchasing an additional 493,707 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of SoFi Technologies by 176.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of SoFi Technologies during the fourth quarter worth about $38,595,000. Finally, Level Four Advisory Services LLC increased its position in shares of SoFi Technologies by 40.1% during the fourth quarter. Level Four Advisory Services LLC now owns 28,064 shares of the company’s stock worth $279,000 after purchasing an additional 8,039 shares in the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.
SoFi Technologies Price Performance
The stock has a 50-day moving average price of $6.82 and a 200 day moving average price of $7.56. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of -20.19, a PEG ratio of 1.49 and a beta of 1.70.
SoFi Technologies (NASDAQ:SOFI – Get Free Report) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.
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.