SoFi Technologies (NASDAQ:SOFI) Sets New 1-Year Low After Analyst Downgrade
SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) hit a new 52-week low in Friday trading after Bank of America lowered its price target on the stock from $14.00 to $12.00. The stock traded as low as $7.64 and last traded at $8.12, with volume traded at 109,106,808 shares. The stock had previously closed at $8.75.
Other research analysts have also recently published reports on the company. Mizuho lowered its price target on SoFi Technologies from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday. Goldman Sachs Group began covering SoFi Technologies in a research report on Tuesday, January 18. They issued a “neutral” rating and a target price of $16.00 on the stock. Moffett Nathanson began coverage of SoFi Technologies in a research report on Tuesday. They issued a “buy” rating and a target price of $13.00 on the stock. Oppenheimer lowered his price target on SoFi Technologies from $18.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Credit Suisse Group lowered its price target on SoFi Technologies from $16.50 to $15.50 and set a “neutral” rating on the stock in a Wednesday, March 2 research report. Seven analysts gave the stock a hold rating and seven gave the stock a buy rating. Based on data from MarketBeat, SoFi Technologies currently has an average rating of “Buy” and a consensus target price of $16.12.
In related news, Insider Micah Heavener sold 5,000 shares of the company in a trade that took place on Thursday, March 17. The stock was sold at an average price of $8.01, for a total value of $40,050.00. The transaction was disclosed in a legal filing with the SEC, which is available via this link. Also, CEO Antoine Noto bought 15,000 shares in a trade that took place on Friday, March 4. The shares were acquired at an average cost of $9.96 per share, for a total transaction of $149,400.00. Disclosure of this purchase can be found here. Over the past three months, insiders have purchased 97,640 shares of the company worth $871,799. 35.10% of the shares are held by insiders.
Major investors have recently increased or reduced their stakes in the company. Mine & Arao Wealth Creation & Management LLC. increased its stake in SoFi Technologies by 40.0% in the 3rd quarter. Mine & Arao Wealth Creation & Management LLC. now owns 1,960 shares of the company worth $32,000 after acquiring an additional 560 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in SoFi Technologies by 119.4% in Q3. Patriot Financial Group Insurance Agency LLC now owns 1,975 shares of the company worth $31,000 after acquiring 1,075 additional shares in the last quarter. Herold Advisors Inc. acquired a new stake in SoFi Technologies in Q3 for a value of approximately $31,000. Amplius Wealth Advisors LLC acquired a new stake in SoFi Technologies in Q4 for a value of approximately $31,000. Finally, Clearstead Advisors LLC increased its stake in SoFi Technologies by 250.0% in the 3rd quarter. Clearstead Advisors LLC now owns 2,240 shares of the company worth $36,000 after acquiring an additional 1,600 shares in the last quarter. 50.03% of the shares are currently held by institutional investors and hedge funds.
The company has a quick ratio of 22.93, a current ratio of 22.93 and a debt ratio of 0.90. The stock has a 50-day simple moving average of $10.46 and a 200-day simple moving average of $14.81.
SoFi Technologies (NASDAQ: SOFI – Get a rating) last released its results on Tuesday, March 1. The company reported ($0.15) earnings per share for the quarter, beating Thomson Reuters consensus estimate of ($0.16) by $0.01. The company posted revenue of $279.88 million for the quarter, versus a consensus estimate of $279.47 million. The company’s revenue for the quarter increased by 53.8% compared to the same quarter last year. During the same period of the previous year, the company posted ($1.85) EPS. On average, sell-side analysts expect SoFi Technologies, Inc. to post -0.36 earnings per share for the current year.
About SoFi Technologies (NASDAQ: SOFI)
SoFi Technologies, Inc provides digital financial services. It operates through three segments: lending, technology platform and financial services. The society’s lending and financial services and products allow its members to borrow, save, spend, invest and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.
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