SoFi Technologies (NASDAQ:SOFI) Trading Down 1.6%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price traded down 1.6% during mid-day trading on Thursday . The company traded as low as $7.37 and last traded at $7.42. 12,207,061 shares were traded during trading, a decline of 74% from the average session volume of 46,875,605 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citigroup assumed coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 target price on the stock. Wedbush reiterated an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a research report on Tuesday, April 30th. Barclays cut their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. BTIG Research initiated coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.20.

SoFi Technologies Price Performance

The firm’s 50 day moving average price is $6.88 and its two-hundred day moving average price is $7.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter. The company had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The business’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned ($0.06) EPS. As a group, sell-side analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, CEO Anthony Noto bought 28,900 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average cost of $6.92 per share, with a total value of $199,988.00. Following the completion of the purchase, the chief executive officer now owns 8,062,269 shares of the company’s stock, valued at $55,790,901.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Anthony Noto bought 28,900 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was bought 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 of the company’s stock, valued at $55,790,901.48. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following 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. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of SoFi Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock worth $604,632,000 after purchasing an additional 1,366,271 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of SoFi Technologies by 6.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock worth $75,737,000 after purchasing an additional 690,638 shares during the period. Nikko Asset Management Americas Inc. increased its position 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 period. Norges Bank bought a new position in shares of SoFi Technologies in the fourth quarter worth $71,349,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoFi Technologies by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock worth $54,659,000 after purchasing an additional 199,949 shares during the period. Institutional investors and hedge funds 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.