SoFi Technologies (NASDAQ:SOFI) Stock Price Down 1.3% – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI) dropped 1.3% on Friday. The company traded as low as $15.08 and last traded at $15.42. 37,984,130 shares were traded during trading, a decline of 40% from the average daily volume of 63,325,090 shares. The stock had previously closed at $15.63.

Key Stories Impacting SoFi Technologies

These are some of the SOFI stories that stood out recently:

• Positive Sentiment: SoFi reported record third-quarter loan originations of $16.9 billion, up 71% year over year, while Lending adjusted revenue rose 68% to $807.4 million. The figures highlight strong borrowing demand and lending growth. Article: SOFI’s Q3 Loan Originations Hit Record High: Can Growth Continue?
• Negative Sentiment: One article says SoFi shareholders were down 43.1% year to date and points to interest rates, regulation, and competitive pressure as factors challenging the bullish growth thesis. Those risks may temper enthusiasm despite strong member and product growth. Article: What SoFi Technologies Investors Missed Before The Fall
• Neutral Sentiment: Coverage comparing SoFi with Upstart questions whether strong loan growth can continue, keeping future credit demand and growth durability in focus. Article: SoFi vs. Upstart: Which Fintech Stock is the Better Buy Right Now?

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SOFI shares. Needham & Company LLC reissued a “buy” rating and issued a $24.00 target price on shares of SoFi Technologies in a research note on Wednesday, October 28th. Stonex Financial raised shares of SoFi Technologies to a “strong-buy” rating in a report on Monday, October 12th. Weiss Ratings raised SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, October 21st. Loop Capital began coverage on SoFi Technologies in a research note on Tuesday, September 8th. They issued a “hold” rating and a $22.00 target price for the company. Finally, Piper Sandler assumed coverage on shares of SoFi Technologies in a research note on Monday, August 17th. They set an “overweight” rating and a $22.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.27.

SoFi Technologies Stock Performance

The stock has a market capitalization of $19.92 billion, a P/E ratio of 28.04, a P/E/G ratio of 0.97 and a beta of 2.25. The company has a quick ratio of 0.10, a current ratio of 0.74 and a debt-to-equity ratio of 0.34. The business has a fifty day moving average price of $16.17 and a 200-day moving average price of $17.41.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.17 by $0.01. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.25 billion. SoFi Technologies had a return on equity of 6.81% and a net margin of 15.60%. SoFi Technologies’s revenue for the quarter was up 44.4% on a year-over-year basis. During the same period last year, the company earned $0.11 EPS. On average, sell-side analysts expect that SoFi Technologies, Inc. will post 0.61 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 10,203 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $14.72, for a total transaction of $150,188.16. Following the completion of the sale, the executive vice president directly owned 397,870 shares of the company’s stock, valued at approximately $5,856,646.40. This represents a 2.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 18,624 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $17.50, for a total value of $325,920.00. Following the completion of the transaction, the chief technology officer directly owned 912,650 shares in the company, valued at approximately $15,971,375. This represents a 2.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 50,316 shares of company stock valued at $852,605 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Compass Financial Management LLC bought a new stake in shares of SoFi Technologies during the 2nd quarter valued at $34,000. Cornerstone Planning Group LLC boosted its position in shares of SoFi Technologies by 232.1% during the first quarter. Cornerstone Planning Group LLC now owns 2,099 shares of the company’s stock worth $34,000 after acquiring an additional 1,467 shares during the last quarter. Markowski Investments purchased a new position in SoFi Technologies during the second quarter valued at $38,000. MassMutual Private Wealth & Trust FSB grew its stake in SoFi Technologies by 44.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 2,248 shares of the company’s stock valued at $35,000 after acquiring an additional 689 shares in the last quarter. Finally, CX Institutional lifted its stake in SoFi Technologies by 36.2% in the 2nd quarter. CX Institutional now owns 2,477 shares of the company’s stock worth $44,000 after purchasing an additional 658 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Company Profile

SoFi Technologies, Inc. is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings. Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.