SoFi Technologies (NASDAQ:SOFI) Trading Down 2.9%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price dropped 2.9% during trading on Thursday . The company traded as low as $7.26 and last traded at $7.38. Approximately 16,607,039 shares traded hands during trading, a decline of 68% from the average daily volume of 51,908,938 shares. The stock had previously closed at $7.60.

Analysts Set New Price Targets

SOFI has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of SoFi Technologies in a research report on Wednesday, January 10th. They issued a “hold” rating and a $11.00 price objective for the company. Morgan Stanley reissued an “underweight” rating and set a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Needham & Company LLC initiated coverage on SoFi Technologies in a research report on Wednesday, April 3rd. They issued a “buy” rating and a $10.00 price objective for the company. Mizuho dropped their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Finally, Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23. The business’s 50-day moving average price is $7.67 and its two-hundred day moving average price is $7.90. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of -19.42 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The company had revenue of $615.40 million during the quarter, compared to the consensus estimate of $572.02 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The company’s revenue was up 34.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.05) EPS. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of the transaction, the chief technology officer now directly owns 390,616 shares in the company, valued at approximately $2,706,968.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently bought and sold shares of SOFI. Gainplan LLC acquired a new stake in shares of SoFi Technologies during the 1st quarter valued at $77,000. Triumph Capital Management lifted its holdings in shares of SoFi Technologies by 24.9% during the first quarter. Triumph Capital Management now owns 362,385 shares of the company’s stock valued at $2,616,000 after purchasing an additional 72,142 shares during the last quarter. Axim Planning & Wealth boosted its position in shares of SoFi Technologies by 27.3% in the 1st quarter. Axim Planning & Wealth now owns 28,000 shares of the company’s stock valued at $204,000 after purchasing an additional 6,000 shares during the period. Simplicity Wealth LLC purchased a new position in SoFi Technologies in the 1st quarter worth about $102,000. Finally, Archford Capital Strategies LLC acquired a new stake in SoFi Technologies during the 1st quarter worth about $246,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

About SoFi Technologies

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.