SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.2% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) fell 1.2% during mid-day trading on Wednesday. The company traded as low as $15.71 and last traded at $15.72. Approximately 40,372,102 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 65,134,258 shares. The stock had previously closed at $15.91.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of research analyst reports. Truist Financial boosted their target price on SoFi Technologies from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Wednesday, August 12th. The Goldman Sachs Group upped their target price on shares of SoFi Technologies from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Loop Capital assumed coverage on SoFi Technologies in a research report on Tuesday, September 8th. They set a “hold” rating and a $22.00 target price on the stock. Needham & Company LLC reduced their price target on SoFi Technologies from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Morgan Stanley cut their price target on SoFi Technologies from $16.00 to $15.00 and set an “underweight” rating on the stock in a report on Thursday, July 30th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and an average price target of $22.52.

SoFi Technologies Stock Performance

The firm has a market capitalization of $20.46 billion, a price-to-earnings ratio of 33.00, a P/E/G ratio of 1.31 and a beta of 2.33. The stock has a 50-day moving average price of $17.50 and a 200 day moving average price of $17.22. 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 issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.12 earnings per share 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 company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business earned $0.08 earnings per share. The firm’s revenue for the quarter was up 42.5% on a year-over-year basis. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. On average, analysts forecast that SoFi Technologies, Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 10,203 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $16.99, for a total transaction of $173,348.97. Following the completion of the sale, the executive vice president owned 408,073 shares of the company’s stock, valued at approximately $6,933,160.27. This represents a 2.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 18,624 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $17.50, for a total value of $325,920.00. Following the completion of the sale, the chief technology officer directly owned 912,650 shares in the company, valued at approximately $15,971,375. This trade represents a 2.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 51,067 shares of company stock worth $890,716. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of SoFi Technologies

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in SoFi Technologies during the second quarter worth about $1,298,925,000. Bank of America Corp DE bought a new position in shares of SoFi Technologies in the 2nd quarter valued at about $163,808,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of SoFi Technologies in the 2nd quarter worth $93,937,000. Bank of New York Mellon Corp bought a new position in SoFi Technologies during the 2nd quarter worth approximately $72,531,000. Finally, Legal & General Group Plc acquired a new stake in shares of SoFi Technologies during the second quarter worth about $64,706,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a financial technology company that provides digital financial services through its SoFi platform. Founded in 2011 as a student-loan refinancing business, the company has expanded into a broader digital banking and personal-finance provider serving consumers primarily in the United States.

SoFi offers products including personal loans, student-loan refinancing, home loans, checking and savings accounts, credit cards, investment accounts, and financial-planning tools.