SoFi Technologies (NASDAQ:SOFI) Shares Down 1.5% Following Insider Selling

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 1.5% on Thursday following insider selling activity. The company traded as low as $15.81 and last traded at $16.07. Approximately 20,908,191 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 47,371,590 shares. The stock had previously closed at $16.32.

Specifically, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $16.03, for a total value of $386,417,705.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $16.06, for a total transaction of $28,242,361.18. Following the transaction, the director now directly owns 482,083 shares of the company’s stock, valued at approximately $7,742,252.98. This trade represents a 78.48 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several equities analysts have recently commented on SOFI shares. Needham & Company LLC upped their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group upped their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Mizuho lifted their price objective on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. increased their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Finally, Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.36.

SoFi Technologies Price Performance

The company’s 50 day moving average is $11.88 and its 200 day moving average is $8.75. 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 market capitalization of $17.38 billion, a price-to-earnings ratio of 157.20, a price-to-earnings-growth ratio of 2.64 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same period in the prior year, the business earned ($0.03) EPS. The firm’s revenue was up 29.8% compared to the same quarter last year. Research analysts anticipate that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently added to or reduced their stakes in SOFI. Capital Performance Advisors LLP acquired a new stake in shares of SoFi Technologies in the 3rd quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new stake in shares of SoFi Technologies during the 3rd quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC boosted its stake in shares of SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after acquiring an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC acquired a new stake in shares of SoFi Technologies in the 3rd quarter worth approximately $39,000. Finally, GAMMA Investing LLC increased its stake in SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares in the last quarter. 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.