SoFi Technologies (NASDAQ:SOFI) Downgraded by Citigroup

SoFi Technologies (NASDAQ:SOFI) was downgraded by equities research analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

Several other research firms have also commented on SOFI. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday, July 31st. Barclays lowered their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods decreased their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $9.25.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $10.40 on Friday. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of -33.55, a PEG ratio of 1.72 and a beta of 1.70. The stock has a 50-day moving average of $7.99 and a 200 day moving average of $7.35. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $10.54.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS. Sell-side analysts anticipate that SoFi Technologies will post 0.1 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO Jeremy Rishel sold 68,081 shares of the business’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 sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 102,328 shares of company stock worth $808,246 in the last 90 days. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of SOFI. Benjamin F. Edwards & Company Inc. increased its stake in SoFi Technologies by 4,252.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock worth $585,000 after buying an additional 86,545 shares during the period. Mark Asset Management LP grew its stake in SoFi Technologies by 79.9% during the 2nd quarter. Mark Asset Management LP now owns 340,654 shares of the company’s stock worth $2,252,000 after purchasing an additional 151,265 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in SoFi Technologies by 64.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company’s stock worth $1,948,000 after purchasing an additional 115,316 shares during the period. Texas Capital Bank Wealth Management Services Inc raised its holdings in SoFi Technologies by 233.3% in the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock valued at $661,000 after acquiring an additional 70,000 shares in the last quarter. Finally, Axxcess Wealth Management LLC purchased a new stake in shares of SoFi Technologies during the 1st quarter worth $185,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.