SoFi Technologies (NASDAQ:SOFI) Shares Down 3.8% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) was down 3.8% on Wednesday . The stock traded as low as $17.33 and last traded at $17.33. Approximately 35,662,505 shares traded hands during trading, a decline of 46% from the average daily volume of 66,639,680 shares. The stock had previously closed at $18.01.

Analyst Upgrades and Downgrades

SOFI has been the subject of several recent research reports. Mizuho cut their price target on SoFi Technologies from $29.00 to $22.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Needham & Company LLC decreased their price objective on SoFi Technologies from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Piper Sandler initiated coverage on SoFi Technologies in a research report on Monday, August 17th. They set an “overweight” rating and a $22.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on SoFi Technologies from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Scotiabank initiated coverage on shares of SoFi Technologies in a report on Wednesday, September 2nd. They issued a “sector outperform” rating and a $25.00 target price for the company. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.52.

SoFi Technologies Price Performance

The firm has a 50 day moving average of $17.85 and a 200-day moving average of $17.41. The company has a current ratio of 0.74, a quick ratio of 0.10 and a debt-to-equity ratio of 0.30. The company has a market cap of $22.29 billion, a P/E ratio of 35.93, a P/E/G ratio of 1.42 and a beta of 2.20.

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

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 102,123 shares of SoFi Technologies stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $17.78, for a total value of $1,815,746.94. Following the sale, the chief technology officer directly owned 895,089 shares in the company, valued at approximately $15,914,682.42. The trade was a 10.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kelli Keough sold 11,286 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $18.00, for a total transaction of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares in the company, valued at approximately $6,415,956. The trade was a 3.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 136,505 shares of company stock valued at $2,418,096. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Tidal Investments LLC lifted its position in shares of SoFi Technologies by 39.0% in the second quarter. Tidal Investments LLC now owns 538,067 shares of the company’s stock worth $9,648,000 after buying an additional 150,923 shares in the last quarter. Bienville Capital Management LLC purchased a new stake in shares of SoFi Technologies during the 2nd quarter worth approximately $27,386,000. WINTON GROUP Ltd bought a new position in shares of SoFi Technologies during the 2nd quarter valued at approximately $186,000. NorthRock Partners LLC grew its holdings in shares of SoFi Technologies by 30.2% in the second quarter. NorthRock Partners LLC now owns 29,881 shares of the company’s stock valued at $536,000 after purchasing an additional 6,932 shares in the last quarter. Finally, RFG Advisory LLC increased its position in SoFi Technologies by 14.9% in the second quarter. RFG Advisory LLC now owns 224,941 shares of the company’s stock worth $4,033,000 after purchasing an additional 29,103 shares during the last quarter. Hedge funds and other institutional investors 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 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.