SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.5% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 1.5% during trading on Wednesday . The stock traded as low as $29.02 and last traded at $29.07. Approximately 51,694,835 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 64,255,137 shares. The stock had previously closed at $29.51.

Analysts Set New Price Targets

Several research firms have recently weighed in on SOFI. Needham & Company LLC lifted their price objective on SoFi Technologies from $29.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. UBS Group lifted their price target on shares of SoFi Technologies from $20.50 to $27.50 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Barclays upped their price target on shares of SoFi Technologies from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. Morgan Stanley lifted their price target on SoFi Technologies from $13.00 to $18.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Finally, Truist Financial dropped their target price on SoFi Technologies from $31.00 to $28.00 and set a “hold” rating on the stock in a research report on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $24.88.

SoFi Technologies Stock Down 1.5%

The company has a current ratio of 0.80, a quick ratio of 0.16 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $28.16 and its two-hundred day moving average price is $23.10. The company has a market capitalization of $35.06 billion, a price-to-earnings ratio of 53.83, a price-to-earnings-growth ratio of 2.83 and a beta of 1.93.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $949.63 million for the quarter, compared to the consensus estimate of $880.33 million. SoFi Technologies had a return on equity of 5.12% and a net margin of 19.29%.The business’s revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.05 earnings per share. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 98,733 shares of the company’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $27.50, for a total value of $2,715,157.50. Following the transaction, the chief technology officer owned 759,553 shares in the company, valued at approximately $20,887,707.50. This represents a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 10,340 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $26.43, for a total transaction of $273,286.20. Following the sale, the executive vice president owned 265,034 shares of the company’s stock, valued at $7,004,848.62. This trade represents a 3.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 175,277 shares of company stock worth $4,694,595 over the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of SOFI. Vanguard Group Inc. raised its holdings in shares of SoFi Technologies by 6.8% during the 3rd quarter. Vanguard Group Inc. now owns 107,102,212 shares of the company’s stock worth $2,829,640,000 after buying an additional 6,814,727 shares in the last quarter. State Street Corp raised its stake in SoFi Technologies by 30.7% during the third quarter. State Street Corp now owns 24,300,498 shares of the company’s stock worth $642,019,000 after acquiring an additional 5,708,053 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of SoFi Technologies by 0.7% in the third quarter. Dimensional Fund Advisors LP now owns 9,792,807 shares of the company’s stock worth $258,821,000 after acquiring an additional 67,504 shares during the last quarter. Norges Bank acquired a new stake in shares of SoFi Technologies in the 2nd quarter valued at approximately $164,068,000. Finally, Marshall Wace LLP grew its holdings in shares of SoFi Technologies by 88.2% during the 2nd quarter. Marshall Wace LLP now owns 7,997,146 shares of the company’s stock valued at $145,628,000 after purchasing an additional 3,748,817 shares during the last quarter. 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.