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.

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The ONE stock name (ticker and all) that has helped over 170,000 people discover how to gain financial freedom…

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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