Piper Sandler Lowers SoFi Technologies (NASDAQ:SOFI) Price Target to $8.50

SoFi Technologies (NASDAQ:SOFIGet Free Report) had its price target cut by stock analysts at Piper Sandler from $9.00 to $8.50 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential upside of 24.45% from the stock’s previous close.

Several other analysts have also issued reports on SOFI. Bank of America dropped their price target on shares of SoFi Technologies from $11.50 to $10.00 in a research report on Thursday, October 5th. Mizuho upped their price target on shares of SoFi Technologies from $9.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of SoFi Technologies from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 22nd. Barclays began coverage on shares of SoFi Technologies in a research report on Wednesday. They issued an “equal weight” rating and a $8.00 price objective on the stock. Finally, BTIG Research dropped their price objective on shares of SoFi Technologies from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $8.84.

Check Out Our Latest Report on SOFI

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $6.83 on Friday. The company’s fifty day simple moving average is $7.77 and its 200-day simple moving average is $7.91. The company has a quick ratio of 0.23, a current ratio of 1.52 and a debt-to-equity ratio of 1.24. The firm has a market cap of $6.49 billion, a PE ratio of -15.18 and a beta of 1.88. SoFi Technologies has a 12 month low of $4.24 and a 12 month high of $11.70.

SoFi Technologies (NASDAQ:SOFIGet Free Report) last announced its quarterly earnings data on Monday, October 30th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The business had revenue of $564.20 million for the quarter, compared to analyst estimates of $511.30 million. SoFi Technologies had a negative net margin of 20.31% and a negative return on equity of 2.92%. The firm’s revenue for the quarter was up 34.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. Equities research analysts expect that SoFi Technologies will post -0.17 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, CEO Anthony Noto acquired 44,000 shares of SoFi Technologies stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $6.78 per share, for a total transaction of $298,320.00. Following the completion of the purchase, the chief executive officer now directly owns 7,239,289 shares of the company’s stock, valued at approximately $49,082,379.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Anthony Noto acquired 44,000 shares of SoFi Technologies stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $6.78 per share, for a total transaction of $298,320.00. Following the completion of the purchase, the chief executive officer now directly owns 7,239,289 shares of the company’s stock, valued at approximately $49,082,379.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 53,532 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $8.88, for a total transaction of $475,364.16. Following the sale, the chief technology officer now owns 160,597 shares in the company, valued at $1,426,101.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 341,405 shares of company stock worth $2,719,778. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisors Preferred LLC bought a new position in shares of SoFi Technologies in the first quarter worth about $25,000. Global Retirement Partners LLC raised its holdings in SoFi Technologies by 330.3% in the 1st quarter. Global Retirement Partners LLC now owns 5,435 shares of the company’s stock valued at $26,000 after buying an additional 4,172 shares during the last quarter. Brown Brothers Harriman & Co. bought a new position in SoFi Technologies in the 2nd quarter valued at approximately $26,000. US Bancorp DE raised its holdings in SoFi Technologies by 197.0% in the 1st quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $28,000 after buying an additional 2,000 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in SoFi Technologies by 48.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,925 shares of the company’s stock valued at $33,000 after buying an additional 1,275 shares during the last quarter. Institutional investors own 37.13% of the company’s stock.

SoFi Technologies Company Profile

(Get Free Report)

SoFi Technologies, Inc provides various financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money. It also offers personal loans, student loans, home loans, and related services.

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