SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.9%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price dropped 0.9% on Wednesday . The company traded as low as $7.50 and last traded at $7.51. Approximately 12,186,032 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 52,017,027 shares. The stock had previously closed at $7.58.

Analyst Upgrades and Downgrades

SOFI has been the topic of several research reports. Wedbush reissued an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research note on Wednesday, March 6th. Jefferies Financial Group dropped their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Mizuho cut their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Finally, Morgan Stanley restated an “underweight” rating and issued a $6.50 price objective (down from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, SoFi Technologies presently has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Stock Performance

The company’s fifty day moving average is $7.65 and its two-hundred day moving average is $7.90. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23.

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

Insider Activity

In related news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the sale, the chief technology officer now owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AE Wealth Management LLC increased its stake in SoFi Technologies by 21.5% during the 3rd quarter. AE Wealth Management LLC now owns 111,637 shares of the company’s stock worth $892,000 after buying an additional 19,766 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of SoFi Technologies by 23.5% during the third quarter. SG Americas Securities LLC now owns 34,436 shares of the company’s stock worth $275,000 after buying an additional 6,548 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of SoFi Technologies by 202.3% in the third quarter. Exchange Traded Concepts LLC now owns 14,963 shares of the company’s stock valued at $120,000 after buying an additional 10,013 shares during the last quarter. Strategic Blueprint LLC purchased a new position in shares of SoFi Technologies in the third quarter worth about $82,000. Finally, Hennessy Advisors Inc. acquired a new position in SoFi Technologies during the third quarter worth about $559,000. Institutional investors and hedge funds 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.