Morgan Stanley Reaffirms Underweight Rating for SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underweight” rating reissued by equities researchers at Morgan Stanley in a note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $13.00 price target on the stock, up from their previous price target of $11.00. Morgan Stanley’s target price would suggest a potential downside of 42.43% from the company’s previous close.

Other analysts have also issued research reports about the stock. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group assumed coverage on shares of SoFi Technologies in a research note on Monday, July 14th. They issued a “neutral” rating and a $19.00 price target for the company. Truist Financial increased their price objective on shares of SoFi Technologies from $14.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, July 17th. Stephens assumed coverage on SoFi Technologies in a research report on Thursday, June 12th. They issued an “overweight” rating and a $20.00 target price for the company. Finally, Barclays increased their price target on SoFi Technologies from $12.00 to $18.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus target price of $17.91.

SoFi Technologies Stock Performance

SOFI stock opened at $22.58 on Wednesday. The firm has a market cap of $24.96 billion, a PE ratio of 47.04, a price-to-earnings-growth ratio of 2.57 and a beta of 1.91. 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 50-day moving average price of $17.43 and a 200-day moving average price of $14.82. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $25.11.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, July 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.51% and a net margin of 18.38%. The business had revenue of $519.37 million during the quarter, compared to analysts’ expectations of $801.94 million. During the same quarter last year, the firm posted $0.01 earnings per share. The firm’s revenue was up 42.8% on a year-over-year basis. As a group, equities research analysts expect that SoFi Technologies will post 0.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $15.55, for a total value of $1,039,470.85. Following the completion of the sale, the chief technology officer owned 724,321 shares in the company, valued at $11,263,191.55. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 11,520 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total transaction of $154,137.60. Following the transaction, the executive vice president owned 203,509 shares in the company, valued at approximately $2,722,950.42. This trade represents a 5.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 273,181 shares of company stock valued at $4,043,240 in the last three months. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors have recently modified their holdings of the business. Two Sigma Advisers LP purchased a new position in SoFi Technologies in the fourth quarter valued at about $299,980,000. Norges Bank purchased a new position in SoFi Technologies in the fourth quarter valued at approximately $103,678,000. Voloridge Investment Management LLC bought a new position in SoFi Technologies during the fourth quarter valued at $75,139,000. Nuveen LLC purchased a new stake in SoFi Technologies in the first quarter worth $47,616,000. Finally, ARK Investment Management LLC raised its stake in shares of SoFi Technologies by 118.5% in the second quarter. ARK Investment Management LLC now owns 4,424,155 shares of the company’s stock valued at $80,564,000 after buying an additional 2,399,746 shares during the period. 38.43% of the stock is owned by institutional investors.

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.