Wedbush Reiterates Underperform Rating for SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underperform” rating reiterated by stock analysts at Wedbush in a research report issued on Tuesday, Benzinga reports. They presently have a $3.00 price target on the stock. Wedbush’s price objective points to a potential downside of 57.42% from the company’s previous close.

A number of other analysts have also recently commented on SOFI. Jefferies Financial Group cut their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Mizuho dropped their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. The Goldman Sachs Group upped their price objective on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, January 30th. Deutsche Bank Aktiengesellschaft started coverage on shares of SoFi Technologies in a report on Wednesday, January 10th. They set a “hold” rating and a $11.00 price objective on the stock. Finally, Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $6.50 to $7.50 in a report on Friday, April 5th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Performance

Shares of SOFI opened at $7.05 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $6.88 billion, a P/E ratio of -18.54 and a beta of 1.75. The firm’s fifty day simple moving average is $7.61 and its two-hundred day simple moving average is $7.88. SoFi Technologies has a 12 month low of $4.45 and a 12 month high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, January 29th. The company reported $0.02 EPS for the quarter. The business had revenue of $615.40 million for the quarter, compared to analysts’ expectations of $572.02 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The business’s quarterly revenue was up 34.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. As a group, analysts predict that SoFi Technologies will post 0.08 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the sale, the chief technology officer now owns 390,616 shares in the company, valued at approximately $2,706,968.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOFI. Commonwealth Equity Services LLC grew its position in shares of SoFi Technologies by 5.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 608,576 shares of the company’s stock valued at $4,443,000 after acquiring an additional 32,114 shares during the period. Principal Financial Group Inc. grew its position in shares of SoFi Technologies by 37.1% during the 1st quarter. Principal Financial Group Inc. now owns 80,650 shares of the company’s stock valued at $589,000 after acquiring an additional 21,805 shares during the period. Trueblood Wealth Management LLC grew its position in shares of SoFi Technologies by 41.0% during the 1st quarter. Trueblood Wealth Management LLC now owns 22,103 shares of the company’s stock valued at $161,000 after acquiring an additional 6,426 shares during the period. McGuire Investment Group LLC grew its position in shares of SoFi Technologies by 10.2% during the 1st quarter. McGuire Investment Group LLC now owns 39,950 shares of the company’s stock valued at $292,000 after acquiring an additional 3,700 shares during the period. Finally, UMB Bank n.a. grew its position in shares of SoFi Technologies by 36.1% during the 1st quarter. UMB Bank n.a. now owns 31,237 shares of the company’s stock valued at $228,000 after acquiring an additional 8,278 shares during the period. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.