Bank of America Reiterates Underperform Rating for SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underperform” rating reaffirmed by equities research analysts at Bank of America in a report issued on Monday, Marketbeat Ratings reports. They currently have a $12.00 target price on the stock. Bank of America‘s price objective would suggest a potential downside of 21.52% from the company’s current price.

A number of other research analysts have also issued reports on the stock. Mizuho upped their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC upped their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays boosted their price target on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus price target of $10.50.

SoFi Technologies Stock Performance

NASDAQ:SOFI opened at $15.29 on Monday. 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 company has a market capitalization of $16.59 billion, a P/E ratio of 152.90, a price-to-earnings-growth ratio of 2.66 and a beta of 1.77. The firm has a 50-day moving average price of $12.35 and a two-hundred day moving average price of $8.96. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $16.61.

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

Insider Activity at SoFi Technologies

In other SoFi Technologies news, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $16.03, for a total value of $386,417,705.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The trade was a 5.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,960,748 shares of company stock worth $415,523,316. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in SoFi Technologies by 263.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after buying an additional 9,482,683 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of SoFi Technologies by 130.0% in the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after acquiring an additional 3,593,464 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in SoFi Technologies by 214.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after purchasing an additional 2,688,847 shares during the last quarter. Mizuho Markets Americas LLC grew its stake in SoFi Technologies by 403.4% during the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock valued at $20,132,000 after purchasing an additional 2,440,745 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in SoFi Technologies during the 3rd quarter worth approximately $16,014,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.