SoFi Technologies (NASDAQ:SOFI) Stock Breaks Below 50 Day Moving Average – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $16.41 and traded as low as $15.43. SoFi Technologies shares last traded at $16.04, with a volume of 77,555,133 shares trading hands.

SoFi Technologies News Roundup

Here are the key news stories impacting SoFi Technologies this week:

• Positive Sentiment: An analyst upgrade was followed by a rise in SOFI shares. Zacks also raised its rating to #2 (Buy), citing improving earnings prospects; the articles indicate that stronger expectations are supporting investor sentiment. Zacks rating upgrade article
• Positive Sentiment: Truist forecast strong potential appreciation for SoFi, adding to the favorable analyst outlook. Truist forecast article
• Neutral Sentiment: SoFi has a record of beating revenue targets, but one article cautions that its valuation carries a steep premium, which could limit gains if growth or earnings expectations disappoint. SoFi valuation article
• Negative Sentiment: On Nov. 5, crypto weakness and a broader fintech selloff weighed on SoFi and peers. The coverage also cited political uncertainty in Washington as a headwind for retail-facing fintech stocks, underscoring the potential for continued volatility. Fintech selloff article

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of recent research reports. Loop Capital assumed coverage on SoFi Technologies in a report on Tuesday, September 8th. They set a “hold” rating and a $22.00 price objective on the stock. UBS Group lifted their target price on SoFi Technologies from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Wells Fargo & Company reiterated a “negative” rating on shares of SoFi Technologies in a research report on Wednesday, October 28th. Benchmark reiterated a “sector outperform” rating on shares of SoFi Technologies in a research report on Wednesday, October 28th. Finally, Bank of America reissued an “underperform” rating and issued a $16.50 price target on shares of SoFi Technologies in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and an average price target of $21.27.

SoFi Technologies Trading Down 7.7%

The stock has a market cap of $20.72 billion, a P/E ratio of 29.16, a PEG ratio of 1.08 and a beta of 2.25. The firm’s fifty day moving average price is $16.41 and its two-hundred day moving average price is $17.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 27th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.25 billion. SoFi Technologies had a return on equity of 6.89% and a net margin of 15.60%. The firm’s revenue was up 44.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.61 EPS for the current year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 18,624 shares of SoFi Technologies stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $17.50, for a total transaction of $325,920.00. Following the completion of the sale, the chief technology officer owned 912,650 shares in the company, valued at approximately $15,971,375. This trade represents a 2.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 dated Thursday, August 20th. The stock was sold at an average price of $18.00, for a total value of $203,148.00. Following the transaction, the executive vice president directly owned 356,442 shares of the company’s stock, valued at $6,415,956. The trade was a 3.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 50,316 shares of company stock worth $852,605 over the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in SoFi Technologies in the 2nd quarter worth approximately $1,298,925,000. Bank of America Corp DE bought a new position in shares of SoFi Technologies in the 2nd quarter worth $163,808,000. D.A. Davidson & CO. raised its position in shares of SoFi Technologies by 22.2% during the 1st quarter. D.A. Davidson & CO. now owns 267,848 shares of the company’s stock valued at $4,253,000 after buying an additional 48,682 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of SoFi Technologies by 24.7% during the 1st quarter. Illinois Municipal Retirement Fund now owns 189,849 shares of the company’s stock valued at $3,015,000 after buying an additional 37,554 shares in the last quarter. Finally, Wealthfront Advisers LLC purchased a new stake in shares of SoFi Technologies during the 2nd quarter valued at $4,239,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Company Profile

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.