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

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underperform” rating restated by stock analysts at Wedbush in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $3.00 price target on the stock. Wedbush’s price objective suggests a potential downside of 57.42% from the company’s current price.

SOFI has been the topic of several other reports. Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $6.50 to $7.50 in a research report on Friday, April 5th. Mizuho cut their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Jefferies Financial Group dropped their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. The Goldman Sachs Group raised their target price on SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Finally, Needham & Company LLC began coverage on SoFi Technologies in a research report on Wednesday, April 3rd. They set a “buy” rating and a $10.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $7.05 on Tuesday. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of -18.54 and a beta of 1.75. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23. The business has a fifty day moving average of $7.61 and a 200 day moving average of $7.88. SoFi Technologies has a 1 year low of $4.45 and a 1 year high of $11.70.

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

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SOFI. Vanguard Group Inc. raised its position in shares of SoFi Technologies by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock valued at $610,458,000 after buying an additional 2,567,797 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of SoFi Technologies by 102.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 495,839 shares of the company’s stock valued at $3,962,000 after buying an additional 250,854 shares during the period. Exchange Traded Concepts LLC raised its position in SoFi Technologies by 202.3% in the third quarter. Exchange Traded Concepts LLC now owns 14,963 shares of the company’s stock valued at $120,000 after purchasing an additional 10,013 shares during the period. Baltimore Washington Financial Advisors Inc. raised its position in SoFi Technologies by 18.0% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 390,098 shares of the company’s stock valued at $3,117,000 after purchasing an additional 59,412 shares during the period. Finally, Hartline Investment Corp raised its position in SoFi Technologies by 3.4% in the third quarter. Hartline Investment Corp now owns 865,756 shares of the company’s stock valued at $6,917,000 after purchasing an additional 28,115 shares during the period. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.