SoFi Technologies (NASDAQ:SOFI) Shares Down 2% Following Insider Selling

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 2% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $19.82 and last traded at $20.73. Approximately 33,504,477 shares changed hands during trading, a decline of 37% from the average daily volume of 53,387,595 shares. The stock had previously closed at $21.16.

Specifically, EVP Kelli Keough sold 10,267 shares of the firm’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.80, for a total transaction of $223,820.60. Following the transaction, the executive vice president owned 245,200 shares of the company’s stock, valued at approximately $5,345,360. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on SoFi Technologies from $9.00 to $13.00 and gave the stock an “underperform” rating in a research report on Thursday, July 10th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of SoFi Technologies in a research report on Wednesday, April 30th. TD Cowen initiated coverage on SoFi Technologies in a research report on Friday, July 11th. They set a “hold” rating and a $21.00 price objective for the company. Citizens Jmp cut shares of SoFi Technologies from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 14th. Finally, Cowen initiated coverage on shares of SoFi Technologies in a research note on Friday, July 11th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.78.

SoFi Technologies Trading Down 0.9%

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.80. The business’s 50 day moving average price is $16.00 and its 200-day moving average price is $14.39. The firm has a market cap of $23.19 billion, a price-to-earnings ratio of 51.17, a price-to-earnings-growth ratio of 3.57 and a beta of 1.91.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, April 29th. The company reported $0.06 EPS 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 firm had revenue of $763.81 million during the quarter, compared to analysts’ expectations of $739.93 million. During the same quarter in the prior year, the firm earned $0.02 EPS. SoFi Technologies’s quarterly revenue was up 32.7% on a year-over-year basis. Equities analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its position in SoFi Technologies by 2.0% during the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company’s stock worth $11,077,000 after acquiring an additional 14,281 shares during the period. Teacher Retirement System of Texas bought a new position in SoFi Technologies during the fourth quarter worth about $2,800,000. Quantbot Technologies LP increased its position in SoFi Technologies by 980.9% during the fourth quarter. Quantbot Technologies LP now owns 92,081 shares of the company’s stock worth $1,418,000 after acquiring an additional 83,562 shares during the period. American Century Companies Inc. increased its position in SoFi Technologies by 5.7% during the fourth quarter. American Century Companies Inc. now owns 289,198 shares of the company’s stock worth $4,454,000 after acquiring an additional 15,672 shares during the period. Finally, Sei Investments Co. increased its position in SoFi Technologies by 14.3% during the fourth quarter. Sei Investments Co. now owns 63,206 shares of the company’s stock worth $973,000 after acquiring an additional 7,884 shares during the period. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

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.