SoFi Technologies (NASDAQ:SOFI) Stock Price Down 0.3%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 0.3% during mid-day trading on Thursday . The stock traded as low as $6.37 and last traded at $6.40. Approximately 6,059,176 shares changed hands during trading, a decline of 88% from the average daily volume of 48,904,852 shares. The stock had previously closed at $6.42.

Analyst Ratings Changes

SOFI has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research report on Tuesday, April 30th. Citigroup initiated coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 price target on the stock. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $6.50 to $7.50 in a research report on Friday, April 5th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group cut their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Stock Performance

The company has a current ratio of 0.93, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50. The company’s fifty day simple moving average is $7.02 and its 200-day simple moving average is $7.77.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The business had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same period last year, the business earned ($0.05) EPS. The company’s revenue was up 26.2% compared to the same quarter last year. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 value of $134,515,694.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Anthony Noto acquired 30,715 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $6.48 per share, with a total value of $199,033.20. Following the transaction, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at approximately $52,629,549.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction that occurred on 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. In the last ninety days, insiders have bought 88,390 shares of company stock worth $597,569. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies during the 4th quarter valued at approximately $27,000. Westside Investment Management Inc. boosted its stake in SoFi Technologies by 93.8% during the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares during the last quarter. ORG Partners LLC acquired a new stake in SoFi Technologies during the 1st quarter worth $27,000. Tortoise Investment Management LLC purchased a new position in shares of SoFi Technologies during the 4th quarter worth $39,000. Finally, Vermillion & White Wealth Management Group LLC purchased a new position in shares of SoFi Technologies during the 4th quarter worth $40,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Company Profile

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.