SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3.8%

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded down 3.8% on Tuesday . The stock traded as low as $7.58 and last traded at $7.62. 15,314,769 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 45,825,531 shares. The stock had previously closed at $7.92.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SOFI shares. Keefe, Bruyette & Woods decreased their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays lowered their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. BTIG Research initiated coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They set a “neutral” rating for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $9.14.

SoFi Technologies Price Performance

The stock has a market cap of $8.24 billion, a P/E ratio of -24.58, a price-to-earnings-growth ratio of 1.48 and a beta of 1.70. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The company’s fifty day simple moving average is $7.36 and its 200-day simple moving average is $7.15.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.06) earnings per share. As a group, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares in the company, valued at $830,594.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ORG Partners LLC bought a new stake in shares of SoFi Technologies during the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC raised its holdings in SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares during the last quarter. SOA Wealth Advisors LLC. lifted its position in SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the period. GAMMA Investing LLC boosted its stake in shares of SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of SoFi Technologies during the 1st quarter worth approximately $37,000. 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.