SoFi Technologies (NASDAQ:SOFI) Shares Down 2.2%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) fell 2.2% on Wednesday . The stock traded as low as $7.15 and last traded at $7.27. 12,799,759 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 46,612,012 shares. The stock had previously closed at $7.43.

Wall Street Analyst Weigh In

Several research firms have weighed in on SOFI. BTIG Research began coverage on SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating for the company. Wedbush restated an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Keefe, Bruyette & Woods decreased their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Barclays decreased their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Finally, Citigroup assumed coverage on SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus target price of $9.44.

SoFi Technologies Stock Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The business has a 50 day simple moving average of $6.86 and a two-hundred day simple moving average of $7.39.

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

Insiders Place Their Bets

In other SoFi Technologies news, CEO Anthony Noto purchased 28,900 shares of the stock in a transaction on Thursday, May 23rd. The stock was acquired at an average price of $6.92 per share, with a total value of $199,988.00. Following the completion of the acquisition, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other SoFi Technologies news, CEO Anthony Noto purchased 28,900 shares of the stock in a transaction on Thursday, May 23rd. The stock was acquired at an average price of $6.92 per share, with a total value of $199,988.00. Following the completion of the acquisition, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 88,390 shares of company stock valued at $597,569. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOFI. Norges Bank purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $71,349,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of SoFi Technologies by 176.3% in the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after purchasing an additional 6,870,610 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of SoFi Technologies by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after purchasing an additional 5,057,233 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $38,595,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.