SoFi Technologies (NASDAQ:SOFI) Stock Price Down 11.4% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 11.4% during mid-day trading on Friday . The stock traded as low as $8.88 and last traded at $9.43. 38,866,773 shares were traded during mid-day trading, a decline of 14% from the average session volume of 45,286,881 shares. The stock had previously closed at $10.64.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup increased their target price on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Needham & Company LLC raised their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Dbs Bank upgraded shares of SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. William Blair reissued an “outperform” rating on shares of SoFi Technologies in a report on Friday, January 24th. Finally, UBS Group boosted their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.50.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The company has a market capitalization of $10.49 billion, a price-to-earnings ratio of 25.86, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86. The company has a 50-day moving average price of $13.78 and a 200-day moving average price of $13.33.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same quarter in the previous year, the company earned $0.04 earnings per share. On average, equities research analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total transaction of $867,420.00. Following the sale, the chief technology officer now directly owns 655,118 shares in the company, valued at approximately $8,280,691.52. This trade represents a 9.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kelli Keough sold 11,181 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $12.72, for a total transaction of $142,222.32. Following the sale, the executive vice president now directly owns 226,210 shares of the company’s stock, valued at $2,877,391.20. This represents a 4.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,905 shares of company stock worth $1,308,075 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Berkshire Capital Holdings Inc. grew its stake in shares of SoFi Technologies by 6,208,000.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 620,810 shares of the company’s stock worth $9,560,000 after acquiring an additional 620,800 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in SoFi Technologies in the fourth quarter valued at $3,703,000. Hanseatic Management Services Inc. bought a new stake in SoFi Technologies during the 4th quarter worth about $1,116,000. Kercheville Advisors LLC bought a new position in shares of SoFi Technologies in the 4th quarter valued at about $1,594,000. Finally, Zacks Investment Management acquired a new stake in shares of SoFi Technologies in the third quarter valued at about $3,766,000. Institutional investors and hedge funds 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.