SoFi Technologies (NASDAQ:SOFI) Lowered to Sell at Zacks Investment Research

SoFi Technologies (NASDAQ:SOFIGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “SoFi Technologies Inc. provides consumer-focused financial technology platform. SoFi Technologies Inc., formerly known as Social Capital Hedosophia Holdings Corp. V, is based in PALO ALTO, Calif. “

SOFI has been the subject of several other reports. Credit Suisse Group cut their target price on shares of SoFi Technologies from $16.50 to $15.50 and set a “neutral” rating for the company in a research report on Wednesday, March 2nd. Moffett Nathanson initiated coverage on shares of SoFi Technologies in a research report on Tuesday, April 5th. They set a “buy” rating and a $13.00 price target for the company. Oppenheimer cut their price target on shares of SoFi Technologies from $18.00 to $13.00 and set an “outperform” rating for the company in a research report on Thursday, April 7th. Piper Sandler initiated coverage on shares of SoFi Technologies in a research report on Monday, March 7th. They set a “neutral” rating and a $12.00 price target for the company. Finally, The Goldman Sachs Group initiated coverage on shares of SoFi Technologies in a research report on Tuesday, January 18th. They set a “neutral” rating and a $16.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus target price of $15.88.

NASDAQ:SOFI traded down $0.17 during midday trading on Wednesday, hitting $6.23. The company had a trading volume of 243,016 shares, compared to its average volume of 46,605,240. SoFi Technologies has a 52-week low of $6.01 and a 52-week high of $24.95. The stock’s fifty day moving average price is $8.63 and its 200-day moving average price is $13.50. The company has a quick ratio of 22.93, a current ratio of 22.93 and a debt-to-equity ratio of 0.90.

SoFi Technologies (NASDAQ:SOFIGet Rating) last announced its earnings results on Tuesday, March 1st. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.01. The company had revenue of $279.88 million during the quarter, compared to analysts’ expectations of $279.47 million. During the same quarter last year, the firm posted ($1.85) earnings per share. The firm’s revenue was up 53.8% on a year-over-year basis. As a group, research analysts anticipate that SoFi Technologies will post -0.41 EPS for the current fiscal year.

In related news, CEO Anthony Noto purchased 19,042 shares of the firm’s stock in a transaction that occurred on Monday, March 14th. The stock was bought at an average cost of $7.85 per share, with a total value of $149,479.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Micah Heavener sold 5,000 shares of the stock in a transaction dated Thursday, March 17th. The stock was sold at an average price of $8.01, for a total transaction of $40,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 97,640 shares of company stock valued at $871,799. 35.10% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in SOFI. BlackRock Inc. increased its stake in shares of SoFi Technologies by 47,019.8% during the third quarter. BlackRock Inc. now owns 13,624,205 shares of the company’s stock valued at $216,352,000 after purchasing an additional 13,595,291 shares in the last quarter. DCM International VI Ltd. bought a new position in shares of SoFi Technologies during the fourth quarter valued at approximately $185,092,000. Geode Capital Management LLC increased its stake in shares of SoFi Technologies by 792.3% during the third quarter. Geode Capital Management LLC now owns 5,384,680 shares of the company’s stock valued at $85,508,000 after purchasing an additional 4,781,208 shares in the last quarter. State Street Corp increased its stake in shares of SoFi Technologies by 222.0% during the fourth quarter. State Street Corp now owns 5,929,036 shares of the company’s stock valued at $93,738,000 after purchasing an additional 4,087,917 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of SoFi Technologies by 2,060.4% during the fourth quarter. Deutsche Bank AG now owns 2,751,376 shares of the company’s stock valued at $43,500,000 after purchasing an additional 2,624,020 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

About SoFi Technologies (Get Rating)

SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

Recommended Stories

Get a free copy of the Zacks research report on SoFi Technologies (SOFI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for SoFi Technologies (NASDAQ:SOFI)

Receive News & Ratings for SoFi Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SoFi Technologies and related companies with MarketBeat.com's FREE daily email newsletter.