SoFi Technologies (NASDAQ:SOFI) Shares Gap Down to $7.87

SoFi Technologies, Inc. (NASDAQ:SOFI) shares gapped down before the market opened on Monday . The stock had previously closed at $7.87, but opened at $7.37. SoFi Technologies shares last traded at $7.08, with a volume of 47,322,436 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on SOFI. Citigroup initiated coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They issued a “buy” rating and a $11.00 target price on the stock. The Goldman Sachs Group raised their price objective on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Jefferies Financial Group dropped their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Needham & Company LLC began coverage on shares of SoFi Technologies in a research note on Wednesday, April 3rd. They issued a “buy” rating and a $10.00 price objective for the company. Finally, Wedbush reiterated an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research note on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.08.

SoFi Technologies Trading Down 9.8 %

The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The stock has a market cap of $6.93 billion, a PE ratio of -18.63 and a beta of 1.75. The stock has a 50-day moving average of $7.64 and a 200 day moving average of $7.89.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The business had revenue of $615.40 million during the quarter, compared to analyst estimates of $572.02 million. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. The company’s revenue was up 34.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS. As a group, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC acquired a new position in SoFi Technologies in the 4th quarter worth about $27,000. Westside Investment Management Inc. raised its stake in shares of SoFi Technologies by 93.8% during the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after buying an additional 1,500 shares during the period. Tortoise Investment Management LLC purchased a new position in shares of SoFi Technologies during the 4th quarter valued at approximately $39,000. Vermillion & White Wealth Management Group LLC acquired a new stake in SoFi Technologies in the 4th quarter valued at $40,000. Finally, Jones Financial Companies Lllp purchased a new stake in SoFi Technologies in the 4th quarter worth $44,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Company Profile

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.