SoFi Technologies (NASDAQ:SOFI) Stock Price Down 3.3% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares fell 3.3% during trading on Tuesday . The stock traded as low as $16.94 and last traded at $17.07. Approximately 49,571,486 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 65,937,766 shares. The stock had previously closed at $17.65.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on SoFi Technologies from $18.00 to $19.00 and gave the company a “hold” rating in a research report on Wednesday, August 12th. Morgan Stanley dropped their target price on SoFi Technologies from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Thursday, July 30th. The Goldman Sachs Group increased their price target on SoFi Technologies from $17.00 to $21.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Wells Fargo & Company lowered their price target on SoFi Technologies from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Finally, Mizuho dropped their price objective on shares of SoFi Technologies from $29.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.52.

SoFi Technologies Trading Down 0.3%

The company’s 50 day simple moving average is $17.78 and its 200-day simple moving average is $17.37. The firm has a market cap of $21.68 billion, a P/E ratio of 34.99, a P/E/G ratio of 1.40 and a beta of 2.20. The company has a quick ratio of 0.10, a current ratio of 0.74 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 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 firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm posted $0.08 earnings per share. The company’s quarterly revenue was up 42.5% on a year-over-year basis. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 11,286 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $18.00, for a total value of $203,148.00. Following the sale, the executive vice president owned 356,442 shares in the company, valued at $6,415,956. This trade represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 33,194 shares of company stock valued at $581,499. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in SoFi Technologies in the 2nd quarter valued at about $1,298,925,000. Geode Capital Management LLC raised its stake in shares of SoFi Technologies by 9.0% during the fourth quarter. Geode Capital Management LLC now owns 23,642,936 shares of the company’s stock valued at $618,395,000 after acquiring an additional 1,951,248 shares in the last quarter. Norges Bank bought a new stake in shares of SoFi Technologies during the fourth quarter valued at approximately $321,515,000. Bank of America Corp DE purchased a new stake in shares of SoFi Technologies in the second quarter valued at approximately $163,808,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of SoFi Technologies by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 9,106,532 shares of the company’s stock valued at $144,539,000 after purchasing an additional 359,785 shares during the period. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a financial technology company that provides digital financial services to consumers in the United States. The company began in 2011 as a platform focused on student loan refinancing and has expanded into a broader range of lending, banking and investment products.

Through its SoFi platform, the company offers personal loans, student loans, home loans, checking and savings accounts, credit cards, brokerage and investing services, and financial planning tools. Its products are primarily delivered through digital channels, including its website and mobile applications.

SoFi also operates a technology platform business through Galileo Financial Technologies and Technisys, which provide payment, account-management and other financial infrastructure to banks, fintech companies and other businesses.