SoFi Technologies (NASDAQ:SOFI) Shares Down 1.9%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 1.9% during trading on Tuesday . The company traded as low as $6.30 and last traded at $6.31. Approximately 10,041,288 shares were traded during trading, a decline of 79% from the average daily volume of 47,544,770 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research note on Tuesday. BTIG Research began coverage on SoFi Technologies in a report on Friday, June 7th. They issued a “neutral” rating for the company. Jefferies Financial Group decreased their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. Keefe, Bruyette & Woods upgraded SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. Finally, Citigroup began coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They issued a “buy” rating and a $11.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.32.

SoFi Technologies Stock Up 1.1 %

The company has a current ratio of 0.93, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50. The firm’s fifty day moving average price is $6.88 and its 200-day moving average price is $7.65. The company has a market cap of $6.89 billion, a price-to-earnings ratio of -21.03, a price-to-earnings-growth ratio of 1.49 and a beta of 1.70.

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

Insider Activity

In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the transaction, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at approximately $2,906,704.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Qatar Investment Authority sold 19,840,073 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The disclosure for this sale can be found here. Insiders acquired a total of 88,390 shares of company stock valued at $597,569 over the last three months. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently bought and sold shares of SOFI. FMR LLC boosted its position in shares of SoFi Technologies by 14,136.9% during the 3rd quarter. FMR LLC now owns 2,317,905 shares of the company’s stock worth $18,520,000 after acquiring an additional 2,301,624 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of SoFi Technologies by 10.2% in the 3rd quarter. Invesco Ltd. now owns 808,635 shares of the company’s stock valued at $6,461,000 after purchasing an additional 74,621 shares in the last quarter. LPL Financial LLC increased its stake in shares of SoFi Technologies by 4.9% in the 3rd quarter. LPL Financial LLC now owns 904,061 shares of the company’s stock valued at $7,223,000 after purchasing an additional 42,419 shares during the last quarter. Northern Trust Corp raised its holdings in shares of SoFi Technologies by 15.4% during the 3rd quarter. Northern Trust Corp now owns 4,371,786 shares of the company’s stock worth $34,931,000 after buying an additional 584,335 shares in the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in shares of SoFi Technologies during the 3rd quarter worth $3,688,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

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.