SoFi Technologies (NASDAQ:SOFI) Shares Down 4.4%

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were down 4.4% during mid-day trading on Monday . The company traded as low as $6.03 and last traded at $6.36. Approximately 21,795,180 shares traded hands during trading, a decline of 54% from the average daily volume of 47,101,688 shares. The stock had previously closed at $6.65.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a report on Tuesday, April 30th. Wedbush reaffirmed an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. BTIG Research assumed coverage on SoFi Technologies in a report on Friday, June 7th. They set a “neutral” rating for the company. Citigroup assumed coverage on SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 price target for the company. Finally, Keefe, Bruyette & Woods decreased their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $9.20.

SoFi Technologies Trading Down 1.7 %

The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of -20.52, a PEG ratio of 1.45 and a beta of 1.70. The business has a 50 day simple moving average of $6.88 and a 200-day simple moving average of $7.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. 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%. SoFi Technologies’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.06) earnings per share. As a group, equities analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

Insiders Place Their Bets

In other SoFi Technologies 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 bought at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the completion of the acquisition, the chief executive officer now directly owns 8,062,269 shares in the company, valued at $55,790,901.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 acquisition, the chief executive officer now owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The disclosure for this purchase can be found here. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds have recently made changes to their positions in the company. Axxcess Wealth Management LLC purchased a new stake in SoFi Technologies during the 1st quarter valued at about $185,000. Wells Fargo & Company MN increased its holdings in shares of SoFi Technologies by 20.9% in the fourth quarter. Wells Fargo & Company MN now owns 2,854,098 shares of the company’s stock valued at $28,398,000 after purchasing an additional 493,707 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings 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 valued at $78,601,000 after purchasing an additional 6,870,610 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of SoFi Technologies in the fourth quarter valued at approximately $38,595,000. Finally, Level Four Advisory Services LLC increased its stake in SoFi Technologies by 40.1% during the fourth quarter. Level Four Advisory Services LLC now owns 28,064 shares of the company’s stock worth $279,000 after acquiring an additional 8,039 shares during the last quarter. 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.