SoFi Technologies (NASDAQ:SOFI) Shares Down 1.8%

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were down 1.8% during mid-day trading on Friday . The stock traded as low as $7.11 and last traded at $7.13. Approximately 8,273,433 shares traded hands during trading, a decline of 82% from the average daily volume of 45,791,668 shares. The stock had previously closed at $7.26.

Analyst Ratings Changes

SOFI has been the topic of several research reports. Barclays cut their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. BTIG Research initiated coverage on SoFi Technologies in a research report on Friday, June 7th. They set a “neutral” rating for the company. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods cut their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Stock Down 4.0 %

The firm has a fifty day simple moving average of $7.10 and a 200-day simple moving average of $7.22. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of -23.00, a P/E/G ratio of 1.62 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same period last year, the firm posted ($0.06) EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,921,285 shares of company stock valued at $135,057,462. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position 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 worth $86,478,000 after buying an additional 9,482,683 shares during the last quarter. Norges Bank acquired a new stake in shares of SoFi Technologies in the 4th quarter valued at approximately $71,349,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of 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 purchasing an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in 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 worth $78,494,000 after purchasing an additional 6,870,610 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after purchasing an additional 5,057,233 shares during the last quarter. 38.43% of the stock is currently owned by 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.