SoFi Technologies (NASDAQ:SOFI) Shares Down 3.1% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 3.1% during mid-day trading on Friday . The company traded as low as $13.81 and last traded at $14.10. Approximately 15,228,063 shares were traded during trading, a decline of 61% from the average daily volume of 38,632,844 shares. The stock had previously closed at $14.55.

Analysts Set New Price Targets

SOFI has been the subject of a number of research reports. Needham & Company LLC boosted their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group raised their price target on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Morgan Stanley upped their price objective on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their price objective on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.13.

SoFi Technologies Stock Performance

The business’s fifty day moving average is $14.90 and its 200-day moving average is $10.27. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The company has a market cap of $15.24 billion, a PE ratio of 140.41, a P/E/G ratio of 2.70 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company’s revenue was up 29.8% on a year-over-year basis. During the same period last year, the firm earned ($0.03) EPS. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.59, for a total transaction of $138,969.26. Following the completion of the transaction, the executive vice president now owns 187,725 shares in the company, valued at $2,926,632.75. This trade represents a 4.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the transaction, the chief technology officer now directly owns 586,494 shares of the company’s stock, valued at $9,219,685.68. The trade was a 9.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,009,264 shares of company stock worth $416,889,795 in the last three months. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in SoFi Technologies by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock worth $48,306,000 after purchasing an additional 87,097 shares during the period. Zacks Investment Management purchased a new stake in shares of SoFi Technologies in the third quarter worth approximately $3,766,000. Citizens Financial Group Inc. RI lifted its stake in shares of SoFi Technologies by 41.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock worth $1,892,000 after acquiring an additional 70,603 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in SoFi Technologies by 214.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after acquiring an additional 2,688,847 shares during the period. Finally, Qsemble Capital Management LP purchased a new stake in SoFi Technologies in the third quarter worth $930,000. Institutional investors own 38.43% of the company’s stock.

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.