SoFi Technologies (NASDAQ:SOFI) Shares Down 0.9%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 0.9% on Friday . The company traded as low as $8.07 and last traded at $8.12. Approximately 7,365,473 shares were traded during trading, a decline of 84% from the average daily volume of 45,912,609 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

SOFI has been the topic of several recent analyst reports. Barclays cut 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 report on Tuesday, July 9th. BTIG Research started coverage on shares of SoFi Technologies in a report on Friday, June 7th. They issued a “neutral” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods dropped their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.14.

SoFi Technologies Stock Down 1.6 %

The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $7.29 and a 200 day simple moving average of $7.14. The firm has a market capitalization of $8.52 billion, a P/E ratio of -25.97, a P/E/G ratio of 1.48 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The company had revenue of $598.60 million for the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. SoFi Technologies’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) EPS. On average, equities analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was 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 of the company’s stock, valued at approximately $830,594.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after acquiring an additional 9,482,683 shares during the last quarter. Norges Bank bought a new stake in SoFi Technologies in the 4th quarter worth approximately $71,349,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after buying an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock valued at $78,494,000 after buying an additional 6,870,610 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after buying an additional 5,057,233 shares during the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.