SoFi Technologies (NASDAQ:SOFI) Shares Down 1.7% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was down 1.7% on Monday. The company traded as low as $14.27 and last traded at $14.30. 39,491,888 shares were traded during trading, a decline of 38% from the average daily volume of 63,966,070 shares. The stock had previously closed at $14.55.

Wall Street Analysts Forecast Growth

SOFI has been the topic of several research reports. Loop Capital began coverage on shares of SoFi Technologies in a research report on Tuesday, September 8th. They set a “hold” rating and a $22.00 price objective on the stock. Needham & Company LLC dropped their price objective on shares of SoFi Technologies from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating on shares of SoFi Technologies in a report on Monday, October 12th. Piper Sandler initiated coverage on shares of SoFi Technologies in a report on Monday, August 17th. They issued an “overweight” rating and a $22.00 target price for the company. Finally, Stonex Financia upgraded shares of SoFi Technologies to a “strong-buy” rating in a research note on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $22.20.

SoFi Technologies Stock Down 1.7%

The firm has a 50 day simple moving average of $17.09 and a two-hundred day simple moving average of $17.12. The company has a market capitalization of $18.47 billion, a PE ratio of 29.79, a P/E/G ratio of 0.84 and a beta of 2.33. The company has a current ratio of 0.74, a quick ratio of 0.10 and a debt-to-equity ratio of 0.30.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Wednesday, July 29th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. SoFi Technologies had a return on equity of 6.22% and a net margin of 14.78%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was up 42.5% compared to the same quarter last year. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. Research analysts expect that SoFi Technologies, Inc. will post 0.60 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 18,624 shares of SoFi Technologies stock in a transaction on Monday, September 21st. The shares were sold at an average price of $17.50, for a total value of $325,920.00. Following the transaction, the chief technology officer directly owned 912,650 shares in the company, valued at $15,971,375. This trade represents a 2.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 11,286 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total transaction of $203,148.00. Following the completion of the transaction, the executive vice president directly owned 356,442 shares in the company, valued at $6,415,956. This represents a 3.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 40,113 shares of company stock worth $702,417. 2.50% of the stock is currently owned by insiders.

Institutional Trading of SoFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in SoFi Technologies in the second quarter valued at about $1,298,925,000. Bank of America Corp DE purchased a new stake in SoFi Technologies in the 2nd quarter valued at approximately $163,808,000. D.A. Davidson & CO. boosted its holdings in SoFi Technologies by 22.2% in the 1st quarter. D.A. Davidson & CO. now owns 267,848 shares of the company’s stock valued at $4,253,000 after purchasing an additional 48,682 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in SoFi Technologies by 24.7% in the 1st quarter. Illinois Municipal Retirement Fund now owns 189,849 shares of the company’s stock valued at $3,015,000 after purchasing an additional 37,554 shares in the last quarter. Finally, Clare Market Investments LLC acquired a new position in SoFi Technologies during the 1st quarter worth approximately $570,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.

SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.