SoFi Technologies (NASDAQ:SOFI) Trading Down 10%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were down 10% during trading on Monday . The company traded as low as $7.00 and last traded at $7.08. Approximately 89,616,892 shares were traded during trading, an increase of 69% from the average daily volume of 53,107,766 shares. The stock had previously closed at $7.87.

Analyst Ratings Changes

SOFI has been the subject of several recent analyst reports. Morgan Stanley reiterated an “underweight” rating and issued a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Mizuho reduced their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. Citigroup initiated 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 for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of SoFi Technologies in a research note on Wednesday, January 10th. They issued a “hold” rating and a $11.00 target price for the company. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies has an average rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Performance

The firm has a market capitalization of $6.91 billion, a PE ratio of -18.63 and a beta of 1.75. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23. The company’s fifty day simple moving average is $7.64 and its 200 day simple moving average is $7.89.

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

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the sale, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of SoFi Technologies by 6.6% in the fourth 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after buying an additional 6,870,610 shares in the last quarter. Norges Bank purchased a new stake in shares of SoFi Technologies in the fourth quarter worth about $71,349,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of SoFi Technologies by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock worth $54,659,000 after buying an additional 199,949 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of SoFi Technologies by 15.4% in the third quarter. Northern Trust Corp now owns 4,371,786 shares of the company’s stock worth $34,931,000 after purchasing an additional 584,335 shares during the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.