SoFi Technologies (NASDAQ:SOFI) Stock Price Down 8.5% – Time to Sell?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was down 8.5% during trading on Tuesday . The stock traded as low as $12.24 and last traded at $12.41. Approximately 30,533,628 shares were traded during trading, a decline of 32% from the average daily volume of 45,004,020 shares. The stock had previously closed at $13.57.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. JPMorgan Chase & Co. boosted their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Dbs Bank raised shares of SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Finally, Needham & Company LLC upped their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.50.

SoFi Technologies Trading Down 3.5 %

The stock has a market cap of $14.35 billion, a price-to-earnings ratio of 35.38, a price-to-earnings-growth ratio of 2.24 and a beta of 1.77. The firm’s 50 day moving average is $15.50 and its two-hundred day moving average is $12.59. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period last year, the company earned $0.04 EPS. Equities analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Insider Activity

In related news, Director Bashir Ruzwana sold 52,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the completion of the sale, the director now directly owns 25,937 shares in the company, valued at approximately $415,510.74. This trade represents a 66.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Eric Schuppenhauer purchased 30,600 shares of SoFi Technologies stock in a transaction that occurred on Monday, December 16th. The stock was purchased at an average price of $16.34 per share, with a total value of $500,004.00. Following the transaction, the executive vice president now owns 46,105 shares in the company, valued at $753,355.70. This represents a 197.36 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 24,249,912 shares of company stock worth $388,709,806 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in SoFi Technologies by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock worth $1,514,390,000 after buying an additional 8,898,879 shares in the last quarter. Two Sigma Advisers LP acquired a new position in SoFi Technologies in the 4th quarter valued at $299,980,000. State Street Corp grew its position in SoFi Technologies by 1.7% in the 3rd quarter. State Street Corp now owns 18,062,855 shares of the company’s stock worth $141,974,000 after purchasing an additional 310,532 shares during the last quarter. Geode Capital Management LLC grew its position in SoFi Technologies by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company’s stock worth $276,288,000 after purchasing an additional 315,899 shares during the last quarter. Finally, Norges Bank acquired a new stake in SoFi Technologies in the 4th quarter worth $103,678,000. Hedge funds and other 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.