SoFi Technologies (NASDAQ:SOFI) Shares Down 6.8% Following Analyst Downgrade – MarketBeat
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Shares of SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) fell 6.8% during trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $8.50 to $7.50. The Goldman Sachs Group currently has a neutral rating on the stock. SoFi Technologies traded as low as $5.34 and last traded at $5.34. 627,113 shares traded hands during trading, a decline of 98% from the average session volume of 33,155,396 shares. The stock had previously closed at $5.73.
SOFI has been the topic of several other research reports. Bank Of America (Bofa) raised shares of SoFi Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $8.00 to $9.00 in a research report on Wednesday, September 14th. Morgan Stanley reduced their price target on shares of SoFi Technologies from $7.50 to $7.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Credit Suisse Group boosted their target price on SoFi Technologies from $8.00 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Mizuho boosted their target price on SoFi Technologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Finally, Bank of America raised SoFi Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $8.00 to $9.00 in a research report on Wednesday, September 14th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.71.
Insider Transactions at SoFi Technologies
In other news, major shareholder Group Corp Softbank sold 6,683,133 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $8.17, for a total transaction of $54,601,196.61. Following the sale, the insider now owns 83,216,977 shares of the company’s stock, valued at $679,882,702.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 13.00% of the company’s stock.
Hedge Funds Weigh In On SoFi Technologies
A number of institutional investors and hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC grew its stake in shares of SoFi Technologies by 7.0% during the second quarter. Steward Partners Investment Advisory LLC now owns 21,626 shares of the company’s stock worth $114,000 after purchasing an additional 1,416 shares in the last quarter. Exos Asset Management LLC grew its stake in shares of SoFi Technologies by 20.0% during the second quarter. Exos Asset Management LLC now owns 9,434 shares of the company’s stock worth $50,000 after purchasing an additional 1,570 shares in the last quarter. Beacon Pointe Advisors LLC grew its stake in shares of SoFi Technologies by 8.2% during the second quarter. Beacon Pointe Advisors LLC now owns 21,192 shares of the company’s stock worth $113,000 after purchasing an additional 1,609 shares in the last quarter. Lincoln National Corp grew its stake in shares of SoFi Technologies by 3.0% during the first quarter. Lincoln National Corp now owns 56,782 shares of the company’s stock worth $536,000 after purchasing an additional 1,668 shares in the last quarter. Finally, Benedetti & Gucer Inc. grew its stake in shares of SoFi Technologies by 8.9% during the first quarter. Benedetti & Gucer Inc. now owns 21,533 shares of the company’s stock worth $203,000 after purchasing an additional 1,768 shares in the last quarter. Institutional investors and hedge funds own 38.19% of the company’s stock.
SoFi Technologies Trading Down 7.0 %
The company has a debt-to-equity ratio of 0.72, a current ratio of 2.83 and a quick ratio of 2.83. The stock has a market cap of $4.88 billion, a price-to-earnings ratio of -11.65 and a beta of 1.58. The business’s 50 day moving average is $5.55 and its 200 day moving average is $6.20.
SoFi Technologies (NASDAQ:SOFI – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). SoFi Technologies had a negative net margin of 27.19% and a negative return on equity of 7.30%. The company had revenue of $362.53 million during the quarter, compared to the consensus estimate of $346.39 million. As a group, equities analysts expect that SoFi Technologies, Inc. will post -0.45 earnings per share for the current fiscal year.
SoFi Technologies Company Profile
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SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.
Further Reading
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