SoFi Technologies (NASDAQ:SOFI) Shares Gap Down – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $13.07, but opened at $12.61. SoFi Technologies shares last traded at $12.47, with a volume of 12,917,419 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Citigroup lifted their price target on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. UBS Group increased their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. William Blair reiterated an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. raised their price target on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and an average target price of $12.50.

SoFi Technologies Price Performance

The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average price of $14.60 and a 200 day moving average price of $13.14. The stock has a market capitalization of $13.69 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period in the previous year, the firm earned $0.04 earnings per share. As a group, equities research analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total transaction of $867,420.00. Following the sale, the chief technology officer now owns 655,118 shares of the company’s stock, valued at $8,280,691.52. The trade was a 9.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kelli Keough sold 8,914 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total transaction of $156,708.12. Following the completion of the sale, the executive vice president now owns 178,811 shares of the company’s stock, valued at $3,143,497.38. This trade represents a 4.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,905 shares of company stock worth $1,308,075 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Large investors have recently made changes to their positions in the stock. Berkshire Capital Holdings Inc. raised its holdings in shares of SoFi Technologies by 6,208,000.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 620,810 shares of the company’s stock worth $9,560,000 after acquiring an additional 620,800 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of SoFi Technologies during the 4th quarter worth about $3,703,000. Hanseatic Management Services Inc. acquired a new position in SoFi Technologies in the fourth quarter valued at about $1,116,000. Kercheville Advisors LLC purchased a new position in SoFi Technologies during the fourth quarter worth about $1,594,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoFi Technologies by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after acquiring an additional 87,097 shares during the last quarter. 38.43% of the stock is currently 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.