SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.6%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 0.6% during trading on Monday . The company traded as low as $6.54 and last traded at $6.60. Approximately 6,286,695 shares traded hands during trading, a decline of 87% from the average daily volume of 46,680,004 shares. The stock had previously closed at $6.64.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Wedbush reissued an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a report on Tuesday, April 30th. Barclays reduced their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. 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, Keefe, Bruyette & Woods cut their price objective on shares of 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 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.20.

SoFi Technologies Price Performance

The company has a 50 day moving average price of $6.84 and a 200-day moving average price of $7.30. The company has a market cap of $6.88 billion, a price-to-earnings ratio of -21.29, a P/E/G ratio of 1.45 and a beta of 1.70. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50.

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

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $2,906,704.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoFi Technologies news, CEO Anthony Noto bought 30,715 shares of SoFi Technologies stock in a transaction dated Friday, June 14th. The stock was purchased at an average price of $6.48 per share, for a total transaction of $199,033.20. Following the completion of the purchase, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at $52,629,549.12. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in SoFi Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock valued at $604,632,000 after acquiring an additional 1,366,271 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after acquiring an additional 9,482,683 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in 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 valued at $75,737,000 after acquiring an additional 690,638 shares during the period. Nikko Asset Management Americas Inc. increased its stake in shares of SoFi Technologies by 176.3% in the 1st 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 in the last quarter. Finally, Norges Bank purchased a new position in SoFi Technologies during the fourth quarter valued at approximately $71,349,000. 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.