SoFi Technologies (NASDAQ:SOFI) Trading Down 3.8% Following Insider Selling

SoFi Technologies, Inc. (NASDAQ:SOFI) shares dropped 3.8% on Friday after an insider sold shares in the company. The company traded as low as $14.09 and last traded at $14.33. Approximately 22,355,840 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 49,571,358 shares. The stock had previously closed at $14.90.

Specifically, Director Magdalena Yesil sold 87,140 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the completion of the sale, the director now directly owns 289,258 shares in the company, valued at $4,162,422.62. This represents a 23.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Magdalena Yesil sold 87,140 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $13.95, for a total transaction of $1,215,603.00. Following the sale, the director now directly owns 376,398 shares of the company’s stock, valued at approximately $5,250,752.10. This trade represents a 18.80% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SOFI shares. Truist Financial started coverage on shares of SoFi Technologies in a research report on Monday, June 2nd. They set a “hold” rating and a $14.00 target price for the company. UBS Group increased their price objective on shares of SoFi Technologies from $14.00 to $15.50 and gave the stock a “neutral” rating in a research report on Wednesday, April 30th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of SoFi Technologies in a report on Wednesday, April 30th. JMP Securities began coverage on SoFi Technologies in a report on Friday, April 25th. They issued a “market outperform” rating and a $17.00 price target for the company. Finally, Barclays increased their price target on SoFi Technologies from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies has an average rating of “Hold” and an average price target of $14.73.

SoFi Technologies Stock Performance

The company has a market capitalization of $15.57 billion, a price-to-earnings ratio of 38.08, a price-to-earnings-growth ratio of 2.24 and a beta of 1.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The company’s fifty day simple moving average is $12.79 and its two-hundred day simple moving average is $13.99.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $763.81 million during the quarter, compared to the consensus estimate of $739.93 million. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. The company’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period last year, the firm earned $0.02 earnings per share. Equities research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Strs Ohio acquired a new position in SoFi Technologies in the first quarter worth $984,000. Intech Investment Management LLC boosted its holdings in shares of SoFi Technologies by 12.5% in the 1st quarter. Intech Investment Management LLC now owns 180,798 shares of the company’s stock valued at $2,103,000 after buying an additional 20,056 shares during the period. Focus Partners Wealth boosted its holdings in shares of SoFi Technologies by 4.3% in the 1st quarter. Focus Partners Wealth now owns 314,342 shares of the company’s stock valued at $3,656,000 after buying an additional 12,831 shares during the period. Integrity Alliance LLC. acquired a new position in shares of SoFi Technologies in the 1st quarter valued at about $187,000. Finally, Bayforest Capital Ltd acquired a new position in shares of SoFi Technologies in the 1st quarter valued at about $490,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. 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.