SoFi Technologies (NASDAQ:SOFI) Shares Down 0.9%

SoFi Technologies, Inc. (NASDAQ:SOFIGet Free Report) shares dropped 0.9% during trading on Friday . The stock traded as low as $6.21 and last traded at $6.26. Approximately 8,175,871 shares traded hands during trading, a decline of 83% from the average daily volume of 48,775,512 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

SOFI has been the topic of several recent analyst reports. Citigroup initiated coverage on SoFi Technologies in a research note on Monday, April 8th. They set a “buy” rating and a $11.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Wedbush reissued an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price target for the company from $6.50 to $7.50 in a report on Friday, April 5th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $9.08.

Read Our Latest Stock Report on SoFi Technologies

SoFi Technologies Stock Performance

The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The firm has a market cap of $6.68 billion, a P/E ratio of -20.19, a P/E/G ratio of 1.48 and a beta of 1.72. The company’s 50 day simple moving average is $7.02 and its 200-day simple moving average is $7.77.

SoFi Technologies (NASDAQ:SOFIGet Free Report) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The firm had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was up 26.2% on a year-over-year basis. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Anthony Noto purchased 28,775 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were acquired at an average cost of $6.90 per share, with a total value of $198,547.50. Following the completion of the acquisition, the chief executive officer now owns 8,033,369 shares of the company’s stock, valued at $55,430,246.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 88,390 shares of company stock valued at $597,569. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SOFI. Janney Montgomery Scott LLC grew its holdings in SoFi Technologies by 72.2% in the third quarter. Janney Montgomery Scott LLC now owns 85,290 shares of the company’s stock worth $681,000 after purchasing an additional 35,750 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in shares of SoFi Technologies during the third quarter valued at $405,000. FMR LLC grew its holdings in shares of SoFi Technologies by 14,136.9% during the third quarter. FMR LLC now owns 2,317,905 shares of the company’s stock valued at $18,520,000 after buying an additional 2,301,624 shares during the last quarter. Invesco Ltd. grew its holdings in shares of SoFi Technologies by 10.2% during the third quarter. Invesco Ltd. now owns 808,635 shares of the company’s stock valued at $6,461,000 after buying an additional 74,621 shares during the last quarter. Finally, LPL Financial LLC grew its holdings in shares of SoFi Technologies by 4.9% during the third quarter. LPL Financial LLC now owns 904,061 shares of the company’s stock valued at $7,223,000 after buying an additional 42,419 shares during the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

About SoFi Technologies

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for SoFi Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SoFi Technologies and related companies with MarketBeat.com's FREE daily email newsletter.