SoFi Technologies (NASDAQ:SOFI) Shares Down 4.1% Following Insider Selling

SoFi Technologies, Inc. (NASDAQ:SOFI) traded down 4.1% on Friday after an insider sold shares in the company. The stock traded as low as $6.46 and last traded at $6.52. 32,350,525 shares were traded during trading, a decline of 34% from the average session volume of 49,077,348 shares. The stock had previously closed at $6.80.

Specifically, CEO Anthony Noto acquired 28,775 shares of the stock in a transaction dated Friday, May 3rd. The shares were bought at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the purchase, the chief executive officer now directly owns 8,033,369 shares of the company’s stock, valued at $55,430,246.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Anthony Noto acquired 28,775 shares of the stock in a transaction dated Friday, May 3rd. The shares were bought at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the purchase, the chief executive officer now directly owns 8,033,369 shares of the company’s stock, valued at $55,430,246.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The disclosure for this sale can be found here. In the last three months, insiders have acquired 88,390 shares of company stock worth $597,569. Insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on SOFI shares. Wedbush reiterated an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Jefferies Financial Group decreased their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. BTIG Research started coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, Citigroup assumed coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They issued a “buy” rating and a $11.00 price target on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Performance

The stock’s fifty day moving average price is $7.13 and its two-hundred day moving average price is $7.80. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. The company has a market cap of $6.83 billion, a P/E ratio of -20.84, a P/E/G ratio of 1.58 and a beta of 1.72.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. During the same quarter in the prior year, the firm posted ($0.05) EPS. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, equities analysts predict that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new position in SoFi Technologies in the 4th quarter valued at approximately $27,000. ORG Partners LLC bought a new position in SoFi Technologies in the 1st quarter valued at approximately $27,000. Westside Investment Management Inc. lifted its stake in SoFi Technologies by 93.8% in the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after purchasing an additional 1,500 shares during the last quarter. SOA Wealth Advisors LLC. lifted its stake in SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in SoFi Technologies in the 1st quarter valued at approximately $37,000. Institutional investors own 38.43% of the company’s stock.

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.