SoFi Technologies (NASDAQ:SOFI) Shares Down 1.2%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 1.2% on Thursday . The company traded as low as $7.43 and last traded at $7.47. Approximately 9,318,849 shares traded hands during trading, a decline of 83% from the average daily volume of 54,311,383 shares. The stock had previously closed at $7.56.

Analysts Set New Price Targets

SOFI has been the subject of a number of recent analyst reports. Jefferies Financial Group dropped their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. Wedbush reaffirmed an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research note on Wednesday, March 6th. Morgan Stanley reiterated an “underweight” rating and set a $6.50 target price (down from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Mizuho reduced their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on SoFi Technologies in a report on Wednesday, January 10th. They set a “hold” rating and a $11.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, SoFi Technologies presently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Performance

The business has a 50-day simple moving average of $7.79 and a two-hundred day simple moving average of $7.92. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The firm had revenue of $615.40 million for the quarter, compared to the consensus estimate of $572.02 million. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. The business’s revenue was up 34.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. On average, analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new stake in SoFi Technologies during the fourth quarter worth $27,000. US Bancorp DE lifted its stake in SoFi Technologies by 197.0% during the first quarter. US Bancorp DE now owns 3,015 shares of the company’s stock worth $28,000 after purchasing an additional 2,000 shares during the last quarter. Westside Investment Management Inc. lifted its stake in SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in SoFi Technologies during the first quarter worth $36,000. Finally, Tortoise Investment Management LLC bought a new stake in SoFi Technologies during the fourth quarter worth $39,000. 38.43% of the stock is currently owned by institutional investors.

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.