SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.1% on Insider Selling

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 1.1% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $6.43 and last traded at $6.47. Approximately 4,791,073 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 48,493,598 shares. The stock had previously closed at $6.54.

Specifically, Director Qatar Investment Authority sold 19,840,073 shares of the company’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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoFi Technologies news, Director Qatar Investment Authority sold 19,840,073 shares of the company’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anthony Noto purchased 28,900 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $6.92 per share, with a total value of $199,988.00. Following the completion of the acquisition, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The disclosure for this purchase can be found here. Insiders purchased 88,390 shares of company stock valued at $597,569 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SOFI shares. BTIG Research began coverage on shares of SoFi Technologies in a report on Friday, June 7th. They issued a “neutral” rating for the company. Jefferies Financial Group cut their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, March 26th. Citigroup began coverage on SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a report on Tuesday, April 30th. Finally, Wedbush restated an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.32.

SoFi Technologies Price Performance

The stock has a market cap of $6.83 billion, a price-to-earnings ratio of -20.84, a price-to-earnings-growth ratio of 1.49 and a beta of 1.72. The company has a 50-day simple moving average of $6.96 and a two-hundred day simple moving average of $7.72. 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 Monday, April 29th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. The company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. During the same period in the previous year, the company posted ($0.05) EPS. The firm’s revenue for the quarter 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 EPS for the current year.

Institutional Trading of SoFi Technologies

A number of institutional investors have recently modified their holdings of SOFI. GAMMA Investing LLC acquired a new position in shares of SoFi Technologies during the 4th quarter worth $27,000. ORG Partners LLC acquired a new position in SoFi Technologies in the 1st quarter worth about $27,000. Westside Investment Management Inc. increased its holdings in SoFi Technologies by 93.8% in 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 in the last quarter. SOA Wealth Advisors LLC. increased its holdings in SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock worth $33,000 after purchasing an additional 1,713 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in SoFi Technologies in the 1st quarter worth about $37,000. 38.43% of the stock is currently owned by 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.