SoFi Technologies (NASDAQ:SOFI) PT Lowered to $8.00

SoFi Technologies (NASDAQ:SOFI) had its price objective cut by Barclays from $10.00 to $8.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential upside of 21.77% from the company’s current price.

A number of other equities analysts have also issued reports on SOFI. BTIG Research initiated coverage on SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Wedbush reaffirmed an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research report on Tuesday, July 2nd. Jefferies Financial Group lowered their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. Finally, Keefe, Bruyette & Woods lowered their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $9.29.

SoFi Technologies Stock Performance

SoFi Technologies stock opened at $6.57 on Tuesday. The stock’s 50 day moving average price is $6.80 and its 200 day moving average price is $7.53. The firm has a market capitalization of $6.95 billion, a PE ratio of -21.19, a price-to-earnings-growth ratio of 1.48 and a beta of 1.70. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. SoFi Technologies has a one year low of $6.15 and a one year high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. SoFi Technologies’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) EPS. As a group, sell-side analysts expect that SoFi Technologies will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Anthony Noto acquired 28,900 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at $55,790,901.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other SoFi Technologies news, CEO Anthony Noto purchased 28,900 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $6.92 per share, with a total value of $199,988.00. Following the completion of the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction on Thursday, June 13th. The stock was 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 purchased a total of 88,390 shares of company stock worth $597,569 in the last three months. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SOFI. Vanguard Group Inc. lifted its holdings in shares of SoFi Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock valued at $604,632,000 after buying an additional 1,366,271 shares during the period. 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 valued at $78,601,000 after buying an additional 6,870,610 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in shares of SoFi Technologies by 176.3% in the first 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. Norges Bank acquired a new stake in shares of SoFi Technologies in the fourth quarter valued at $71,349,000. Finally, 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 valued at $54,659,000 after buying an additional 199,949 shares during the period. Institutional investors 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.