SoFi Technologies (NASDAQ:SOFI) Trading Down 0.9%

SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 0.9% on Wednesday . The stock traded as low as $7.50 and last traded at $7.51. 12,186,032 shares were traded during mid-day trading, a decline of 77% from the average session volume of 52,017,027 shares. The stock had previously closed at $7.58.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Morgan Stanley reissued an “underweight” rating and issued a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Needham & Company LLC assumed coverage on SoFi Technologies in a report on Wednesday, April 3rd. They issued a “buy” rating and a $10.00 price target for the company. Wedbush reissued an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a report on Wednesday, March 6th. Mizuho lowered their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, January 18th. Finally, Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Three 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, the company currently has an average rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Performance

The firm has a 50-day moving average of $7.69 and a two-hundred day moving average of $7.90. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $7.42 billion, a PE ratio of -19.76 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The company had revenue of $615.40 million during the quarter, compared to analysts’ expectations of $572.02 million. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. SoFi Technologies’s quarterly revenue was up 34.7% on a year-over-year basis. During the same period last year, the business earned ($0.05) earnings per share. Research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Insider Activity

In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the sale, the chief technology officer now directly owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

A number of institutional investors have recently made changes to their positions in SOFI. Dynamic Advisor Solutions LLC boosted its stake in shares of SoFi Technologies by 24.9% in the third quarter. Dynamic Advisor Solutions LLC now owns 22,542 shares of the company’s stock worth $180,000 after acquiring an additional 4,491 shares during the last quarter. AE Wealth Management LLC boosted its stake in shares of SoFi Technologies by 21.5% in the third quarter. AE Wealth Management LLC now owns 111,637 shares of the company’s stock worth $892,000 after acquiring an additional 19,766 shares during the last quarter. DnB Asset Management AS acquired a new stake in shares of SoFi Technologies in the third quarter worth approximately $789,000. SG Americas Securities LLC boosted its stake in shares of SoFi Technologies by 23.5% in the third quarter. SG Americas Securities LLC now owns 34,436 shares of the company’s stock worth $275,000 after acquiring an additional 6,548 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in shares of SoFi Technologies by 202.3% in the third quarter. Exchange Traded Concepts LLC now owns 14,963 shares of the company’s stock worth $120,000 after acquiring an additional 10,013 shares during the last quarter. 38.43% of the stock is 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.