SoFi Technologies (NASDAQ:SOFI) Trading Down 3.4% – Time to Sell?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 3.4% during mid-day trading on Thursday . The stock traded as low as $9.66 and last traded at $9.70. Approximately 15,784,825 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 45,745,074 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

A number of analysts recently commented on SOFI shares. Keefe, Bruyette & Woods dropped their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Wednesday, July 31st. Finally, Barclays decreased their target price 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Trading Up 3.1 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The company has a market capitalization of $10.76 billion, a PE ratio of -32.84, a P/E/G ratio of 1.72 and a beta of 1.70. The business has a fifty day moving average price of $7.92 and a 200 day moving average price of $7.33.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same period in the previous year, the company posted ($0.06) earnings per share. SoFi Technologies’s revenue was up 20.2% compared to the same quarter last year. Analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now owns 114,407 shares of the company’s stock, valued at $830,594.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 102,328 shares of company stock worth $808,246. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new stake in shares of SoFi Technologies during the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC lifted its holdings in SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after buying an additional 1,543 shares during the last quarter. GAMMA Investing LLC lifted its holdings in SoFi Technologies by 65.3% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after buying an additional 1,981 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of SoFi Technologies in the 1st quarter worth approximately $37,000. Finally, Blue Trust Inc. increased its holdings in shares of SoFi Technologies by 783.5% in the 2nd quarter. Blue Trust Inc. now owns 8,102 shares of the company’s stock valued at $59,000 after acquiring an additional 7,185 shares during the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

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.