SoFi Technologies (NASDAQ:SOFI) PT Lowered to $8.50 at Piper Sandler

SoFi Technologies (NASDAQ:SOFI) had its price objective reduced by stock analysts at Piper Sandler from $9.00 to $8.50 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 24.63% from the stock’s current price.

SOFI has been the topic of several other research reports. Morgan Stanley raised shares of SoFi Technologies from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective on the stock in a research note on Tuesday, October 31st. Barclays began coverage on SoFi Technologies in a report on Wednesday. They issued an “equal weight” rating and a $8.00 target price on the stock. BTIG Research reduced their target price on SoFi Technologies from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, July 31st. Citigroup lifted their price target on SoFi Technologies from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of SoFi Technologies from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.84.

SoFi Technologies Stock Performance

Shares of NASDAQ:SOFI traded up $0.11 during trading hours on Friday, hitting $6.82. The stock had a trading volume of 20,058,278 shares, compared to its average volume of 40,570,230. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.23 and a current ratio of 1.52. The stock’s fifty day simple moving average is $7.80 and its 200 day simple moving average is $7.88. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of -15.16 and a beta of 1.88. SoFi Technologies has a 1-year low of $4.24 and a 1-year high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, October 30th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.05. The business had revenue of $564.20 million during the quarter, compared to the consensus estimate of $511.30 million. SoFi Technologies had a negative net margin of 20.31% and a negative return on equity of 2.92%. The company’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.09) earnings per share. Sell-side analysts anticipate that SoFi Technologies will post -0.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Christopher Lapointe purchased 14,950 shares of SoFi Technologies stock in a transaction dated Thursday, November 9th. The stock was acquired at an average cost of $6.69 per share, for a total transaction of $100,015.50. Following the acquisition, the chief financial officer now directly owns 827,068 shares in the company, valued at $5,533,084.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SoFi Technologies news, CFO Christopher Lapointe purchased 14,950 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were acquired at an average price of $6.69 per share, for a total transaction of $100,015.50. Following the acquisition, the chief financial officer now owns 827,068 shares of the company’s stock, valued at $5,533,084.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anthony Noto acquired 44,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was acquired at an average price of $6.78 per share, with a total value of $298,320.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,239,289 shares of the company’s stock, valued at approximately $49,082,379.42. The disclosure for this purchase can be found here. Insiders have sold a total of 341,405 shares of company stock valued at $2,719,778 in the last three months. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of SoFi Technologies by 7.8% in the third quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company’s stock valued at $326,027,000 after purchasing an additional 4,846,633 shares during the period. BlackRock Inc. raised its stake in SoFi Technologies by 6.4% during the second quarter. BlackRock Inc. now owns 38,122,793 shares of the company’s stock worth $317,944,000 after acquiring an additional 2,302,565 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new position in SoFi Technologies in the fourth quarter valued at about $83,643,000. State Street Corp raised its stake in shares of SoFi Technologies by 12.9% in the second quarter. State Street Corp now owns 13,680,519 shares of the company’s stock valued at $114,096,000 after acquiring an additional 1,567,782 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in SoFi Technologies by 6.9% during the 2nd quarter. Geode Capital Management LLC now owns 12,877,675 shares of the company’s stock worth $107,400,000 after acquiring an additional 826,000 shares during the last quarter. 37.13% of the stock is owned by institutional investors.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.