SoFi Technologies (NASDAQ:SOFI) Shares Down 2.5%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was down 2.5% on Wednesday . The company traded as low as $7.22 and last traded at $7.29. Approximately 8,272,892 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 40,374,230 shares. The stock had previously closed at $7.48.

Wall Street Analysts Forecast Growth

SOFI has been the topic of several research analyst reports. BTIG Research dropped their target price on shares of SoFi Technologies from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, July 31st. JPMorgan Chase & Co. lifted their price objective on shares of SoFi Technologies from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 22nd. Truist Financial reduced their price objective on shares of SoFi Technologies from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, October 31st. Piper Sandler lifted their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, August 18th. Finally, Morgan Stanley raised shares of SoFi Technologies from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective for the company in a research report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.88.

SoFi Technologies Price Performance

The stock has a 50 day moving average of $7.80 and a 200 day moving average of $7.88. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.52 and a quick ratio of 0.23.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, October 30th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.05. The company had revenue of $564.20 million for the quarter, compared to analysts’ expectations of $511.30 million. SoFi Technologies had a negative return on equity of 2.92% and a negative net margin of 20.31%. The business’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) earnings per share. On average, sell-side analysts predict that SoFi Technologies, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, CFO Christopher Lapointe acquired 14,950 shares of SoFi Technologies stock in a transaction dated Thursday, November 9th. The stock was bought at an average price of $6.69 per share, with a total value of $100,015.50. Following the transaction, the chief financial officer now directly owns 827,068 shares in the company, valued at approximately $5,533,084.92. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Christopher Lapointe bought 14,950 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average cost of $6.69 per share, for a total transaction of $100,015.50. Following the acquisition, the chief financial officer now directly owns 827,068 shares in the company, valued at $5,533,084.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad M. Borton sold 152,041 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $7.99, for a total value of $1,214,807.59. Following the completion of the transaction, the insider now owns 157,857 shares in the company, valued at $1,261,277.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 341,405 shares of company stock valued at $2,719,778. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of large investors have recently modified their holdings of the company. Must Asset Management Inc. lifted its stake in SoFi Technologies by 11.4% during the 2nd quarter. Must Asset Management Inc. now owns 254,306 shares of the company’s stock valued at $2,215,000 after acquiring an additional 25,988 shares in the last quarter. Keystone Financial Group bought a new position in SoFi Technologies during the 2nd quarter valued at $193,000. Capital Advisors Wealth Management LLC lifted its stake in SoFi Technologies by 8.3% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 81,608 shares of the company’s stock valued at $681,000 after acquiring an additional 6,285 shares in the last quarter. Claro Advisors LLC raised its stake in shares of SoFi Technologies by 188.6% during the 2nd quarter. Claro Advisors LLC now owns 40,679 shares of the company’s stock worth $339,000 after purchasing an additional 26,583 shares during the period. Finally, Good Life Advisors LLC raised its stake in shares of SoFi Technologies by 204.6% during the 2nd quarter. Good Life Advisors LLC now owns 51,966 shares of the company’s stock worth $433,000 after purchasing an additional 34,903 shares during the period. 37.13% of the stock is currently owned by institutional investors.

About SoFi Technologies

SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.