SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.2%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) fell 0.2% during mid-day trading on Wednesday . The company traded as low as $6.62 and last traded at $6.63. 8,470,415 shares were traded during mid-day trading, a decline of 82% from the average session volume of 46,422,168 shares. The stock had previously closed at $6.64.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced their target price on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Wedbush reiterated an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Keefe, Bruyette & Woods reduced their price target on shares of 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 reduced their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Finally, BTIG Research assumed coverage on shares of SoFi Technologies in a report on Friday, June 7th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.20.

SoFi Technologies Trading Up 1.3 %

The firm has a market cap of $7.40 billion, a price-to-earnings ratio of -22.61, a price-to-earnings-growth ratio of 1.45 and a beta of 1.70. The business’s 50 day moving average price is $6.83 and its 200-day moving average price is $7.28. 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 (NASDAQ:SOFI) last issued its earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. Equities analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, CEO Anthony Noto acquired 28,900 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $6.92 per share, with a total value of $199,988.00. Following the transaction, the chief executive officer now directly owns 8,062,269 shares in the company, valued at $55,790,901.48. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anthony Noto purchased 28,900 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $6.92 per share, for a total transaction of $199,988.00. Following the acquisition, the chief executive officer now owns 8,062,269 shares of the company’s stock, valued at approximately $55,790,901.48. The disclosure for this purchase can be found here. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of SoFi Technologies

Several large investors have recently added to or reduced their stakes in SOFI. Dimensional Fund Advisors LP lifted its holdings in SoFi Technologies by 263.3% in the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after purchasing an additional 9,482,683 shares during the period. Norges Bank bought a new position in shares of SoFi Technologies in the fourth quarter valued at approximately $71,349,000. Nikko Asset Management Americas Inc. increased its stake in shares of SoFi Technologies by 176.3% during 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 acquiring an additional 6,870,610 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in SoFi Technologies by 176.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in 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 purchasing an additional 5,057,233 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.