SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.5% After Insider Selling

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price fell 0.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $7.77 and last traded at $7.79. 4,922,620 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 45,776,781 shares. The stock had previously closed at $7.83.

Specifically, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SOFI. Barclays decreased their target price 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. Keefe, Bruyette & Woods lowered their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Finally, BTIG Research started coverage on shares of SoFi Technologies in a research 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, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Stock Up 0.4 %

The firm’s 50-day simple moving average is $7.36 and its 200 day simple moving average is $7.16. 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 stock has a market capitalization of $8.20 billion, a P/E ratio of -25.03, a PEG ratio of 1.60 and a beta of 1.70.

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

Hedge Funds Weigh In On SoFi Technologies

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake 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 valued at $86,478,000 after acquiring an additional 9,482,683 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in SoFi Technologies by 176.3% in 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. grew its holdings in 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 worth $78,494,000 after purchasing an additional 6,870,610 shares during the period. Vanguard Group Inc. increased its position in SoFi Technologies by 6.6% during 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 during the last quarter. Finally, Marshall Wace LLP raised its stake in SoFi Technologies by 130.0% in the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after buying an additional 3,593,464 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.