SoFi Technologies (NASDAQ:SOFI) Rating Lowered to Market Perform at Citizens Jmp

SoFi Technologies (NASDAQ:SOFI) was downgraded by Citizens Jmp from a “strong-buy” rating to a “market perform” rating in a report released on Monday, MarketBeat.com reports.

A number of other brokerages have also recently commented on SOFI. Keefe, Bruyette & Woods raised their target price on SoFi Technologies from $9.00 to $13.00 and gave the company an “underperform” rating in a report on Thursday, July 10th. The Goldman Sachs Group assumed coverage on shares of SoFi Technologies in a research report on Monday. They issued a “neutral” rating and a $19.00 price target for the company. Barclays increased their price objective on SoFi Technologies from $12.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. UBS Group boosted their target price on SoFi Technologies from $14.00 to $15.50 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. Finally, Truist Financial assumed coverage on SoFi Technologies in a research report on Monday, June 2nd. They issued a “hold” rating and a $14.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.41.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $20.96 on Monday. The stock has a fifty day simple moving average of $15.48 and a 200-day simple moving average of $14.26. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46. The stock has a market cap of $23.17 billion, a PE ratio of 51.12, a P/E/G ratio of 3.59 and a beta of 1.91. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $21.86.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The company had revenue of $763.81 million during the quarter, compared to analyst estimates of $739.93 million. During the same quarter last year, the firm posted $0.02 earnings per share. SoFi Technologies’s revenue was up 32.7% compared to the same quarter last year. Equities analysts anticipate that SoFi Technologies will post 0.26 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 66,847 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the completion of the transaction, the chief technology officer directly owned 724,321 shares of the company’s stock, valued at $11,263,191.55. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 10,267 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.22, for a total value of $156,263.74. Following the completion of the sale, the executive vice president directly owned 255,467 shares in the company, valued at approximately $3,888,207.74. The trade was a 3.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 274,095 shares of company stock worth $3,939,168 in the last three months. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds have recently bought and sold shares of SOFI. Elequin Capital LP lifted its holdings in SoFi Technologies by 30.1% in the 4th quarter. Elequin Capital LP now owns 2,726 shares of the company’s stock valued at $42,000 after purchasing an additional 631 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in SoFi Technologies by 1.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 60,534 shares of the company’s stock valued at $881,000 after purchasing an additional 685 shares during the period. Wedmont Private Capital boosted its holdings in shares of SoFi Technologies by 4.3% in the 2nd quarter. Wedmont Private Capital now owns 21,493 shares of the company’s stock valued at $435,000 after purchasing an additional 879 shares during the last quarter. Bank of New Hampshire increased its holdings in shares of SoFi Technologies by 33.3% during the 1st quarter. Bank of New Hampshire now owns 4,000 shares of the company’s stock worth $47,000 after buying an additional 1,000 shares during the last quarter. Finally, Vermillion & White Wealth Management Group LLC grew its position in SoFi Technologies by 16.7% during the first quarter. Vermillion & White Wealth Management Group LLC now owns 7,000 shares of the company’s stock valued at $81,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors 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.