SoFi Technologies (NASDAQ:SOFI) Trading Down 4.1% Following Analyst Downgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were down 4.1% during trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $12.00 to $11.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. SoFi Technologies traded as low as $6.61 and last traded at $6.76. Approximately 45,563,133 shares changed hands during trading, a decline of 15% from the average daily volume of 53,822,848 shares. The stock had previously closed at $7.05.

Several other analysts also recently issued reports on SOFI. Morgan Stanley restated an “underweight” rating and issued a $6.50 price objective (down from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday. The Goldman Sachs Group upped their price objective on SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Citigroup started coverage on SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 price objective on the stock. Finally, Jefferies Financial Group reduced their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and an average price target of $9.08.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The sale was disclosed in a filing with the SEC, which is available at this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wedmont Private Capital lifted its position in shares of SoFi Technologies by 13.2% during the fourth quarter. Wedmont Private Capital now owns 12,068 shares of the company’s stock worth $120,000 after purchasing an additional 1,411 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of SoFi Technologies by 0.7% during the third quarter. Oppenheimer & Co. Inc. now owns 192,238 shares of the company’s stock worth $1,536,000 after purchasing an additional 1,413 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of SoFi Technologies by 2.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock worth $655,000 after purchasing an additional 1,498 shares in the last quarter. Westside Investment Management Inc. lifted its position in shares of SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its position in shares of SoFi Technologies by 0.4% during the fourth quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock worth $3,751,000 after purchasing an additional 1,508 shares in the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Trading Up 2.1 %

The business’s 50-day moving average price is $7.58 and its 200 day moving average price is $7.87. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -22.32 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The business’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. On average, equities analysts forecast that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

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.