SoFi Technologies (NASDAQ:SOFI) Shares Down 1.3% – Here’s Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) fell 1.3% during trading on Wednesday . The stock traded as low as $16.53 and last traded at $16.84. Approximately 48,876,247 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 65,844,719 shares. The stock had previously closed at $17.07.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SOFI shares. 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. Loop Capital began coverage on shares of SoFi Technologies in a report on Tuesday, September 8th. They set a “hold” rating and a $22.00 target price on the stock. Piper Sandler started coverage on SoFi Technologies in a research note on Monday, August 17th. They issued an “overweight” rating and a $22.00 price target for the company. Wells Fargo & Company reduced their price target on SoFi Technologies from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and a consensus target price of $22.52.

SoFi Technologies Trading Down 1.3%

The firm’s fifty day simple moving average is $17.80 and its 200 day simple moving average is $17.39. The stock has a market capitalization of $21.75 billion, a P/E ratio of 35.08, a price-to-earnings-growth ratio of 1.45 and a beta of 2.20. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.10 and a current ratio of 0.74.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.11 billion. SoFi Technologies had a net margin of 14.78% and a return on equity of 6.22%. The firm’s quarterly revenue was up 42.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.08 EPS. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 11,286 shares of the firm’s 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 of the company’s stock, valued at approximately $6,415,956. This trade represents a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 34,382 shares of company stock worth $602,349 in the last three months. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in SoFi Technologies in the second quarter valued at about $1,298,925,000. Geode Capital Management LLC boosted its stake in shares of SoFi Technologies by 9.0% in the 4th quarter. Geode Capital Management LLC now owns 23,642,936 shares of the company’s stock valued at $618,395,000 after purchasing an additional 1,951,248 shares in the last quarter. Norges Bank acquired a new stake in shares of SoFi Technologies in the 4th quarter valued at approximately $321,515,000. Bank of America Corp DE acquired a new stake in shares of SoFi Technologies in the 2nd quarter valued at approximately $163,808,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of SoFi Technologies by 4.1% during the 1st 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 last quarter. 38.43% of the stock is currently owned by institutional investors.

About SoFi Technologies

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.