SoFi Technologies (NASDAQ:SOFI) Trading Down 0.8% Following Insider Selling

SoFi Technologies, Inc. (NASDAQ:SOFI) was down 0.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $6.36 and last traded at $6.41. Approximately 12,159,262 shares changed hands during trading, a decline of 75% from the average daily volume of 49,166,027 shares. The stock had previously closed at $6.46.

Specifically, CEO Anthony Noto acquired 28,900 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the completion of the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Anthony Noto acquired 28,900 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $6.92 per share, with a total value of $199,988.00. Following the acquisition, the chief executive officer now owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Qatar Investment Authority sold 19,840,073 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Insiders have purchased a total of 88,390 shares of company stock worth $597,569 over the last three months. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SOFI. Jefferies Financial Group cut 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. Deutsche Bank Aktiengesellschaft lowered their target price on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. BTIG Research assumed coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They set a “neutral” rating for the company. Wedbush reiterated an “underperform” rating and issued a $3.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Price Performance

The firm’s 50 day simple moving average is $7.10 and its two-hundred day simple moving average is $7.80. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The firm has a market capitalization of $6.83 billion, a P/E ratio of -20.84, a P/E/G ratio of 1.50 and a beta of 1.72.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. SoFi Technologies’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) EPS. As a group, analysts predict that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOFI. Wedmont Private Capital boosted its position in SoFi Technologies by 13.2% during the 4th quarter. Wedmont Private Capital now owns 12,068 shares of the company’s stock valued at $120,000 after buying an additional 1,411 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of SoFi Technologies by 2.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock worth $655,000 after purchasing an additional 1,498 shares during the period. Westside Investment Management Inc. grew its stake in shares of SoFi Technologies by 93.8% in 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. EP Wealth Advisors LLC increased its holdings in SoFi Technologies by 0.4% during the 4th quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock valued at $3,751,000 after purchasing an additional 1,508 shares during the period. Finally, River Street Advisors LLC raised its position in SoFi Technologies by 4.5% during the 4th quarter. River Street Advisors LLC now owns 35,414 shares of the company’s stock valued at $352,000 after purchasing an additional 1,526 shares during the last quarter. Institutional investors 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.