SoFi Technologies (NASDAQ:SOFI) Price target lowered to $7.00 at Bank of America


SoFi Technologies (NASDAQ: SOFI – Get a review) saw its target price drop by Bank of America research analysts from $12.00 to $7.00 in a report on Tuesday, reports The Fly. Bank of America’s target price would indicate a potential upside of 33.33% from the company’s current price.

SOFI has been the subject of a number of other research reports. Goldman Sachs Group began covering SoFi Technologies shares in a research note on Tuesday, January 18. They set a “neutral” rating and a target price of $16.00 for the company. Wedbush lowered its price target on SoFi Technologies shares from $20.00 to $15.00 in a Thursday, April 7 research note. Zacks Investment Research downgraded shares of SoFi Technologies from a “hold” rating to a “sell” rating in a Wednesday, May 4, research note. Morgan Stanley downgraded SoFi Technologies shares from an “overweight” to an “equally weighted” rating and lowered its price target for the company from $18.00 to $10.00 in a Wednesday research note March 16. Finally, Citigroup lowered its price target on SoFi Technologies shares from $20.00 to $17.00 in a Friday, April 8 research note. One financial analyst has assigned the stock a sell rating, six have issued a hold rating and seven have assigned the stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.50.

Shares of SOFI traded down $0.72 on Tuesday, hitting $5.25. 125,319,390 shares were traded, against an average volume of 61,087,320. The company has a leverage ratio of 0.90, a quick ratio of 22.93 and a current ratio of 22.93. The company’s 50-day moving average price is $8.28 and its 200-day moving average price is $13.05. SoFi Technologies has a 12-month low of $4.82 and a 12-month high of $24.95.

SoFi Technologies (NASDAQ:SOFI – Get Rating) last reported results on Tuesday, March 1. The company reported ($0.15) EPS for the quarter, beating analyst consensus estimates of ($0.16) by $0.01. The company posted revenue of $279.88 million for the quarter, versus analyst estimates of $279.47 million. The company’s revenue for the quarter increased 53.8% year over year. During the same quarter of the previous year, the company posted EPS ($1.85). Sell-side analysts predict SoFi Technologies will post -0.41 earnings per share for the current fiscal year.

In other news, CEO Anthony Noto bought 15,000 shares of the company in a deal that took place on Friday, March 4. The shares were purchased at an average cost of $9.96 per share, with a total value of $149,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, insider Micah Heavener purchased 5,000 shares of the company in a trade that took place on Monday, March 14. The shares were purchased at an average cost of $7.99 per share, with a total value of $39,950.00. Disclosure of this purchase can be found here. Insiders bought 97,640 shares of the company valued at $871,799 during the last quarter. Insiders hold 35.10% of the shares of the company.

A number of hedge funds and other institutional investors have been buying and selling stocks recently. Mercer Global Advisors Inc. ADV increased its stake in SoFi Technologies by 62.2% during the first quarter. Mercer Global Advisors Inc. ADV now owns 24,189 shares of the company worth $229,000 after buying 9,272 additional shares in the last quarter. Van ECK Associates Corp bought a new position in SoFi Technologies in the first quarter worth approximately $2,789,000. Baker Chad R bought a new position in SoFi Technologies in the first quarter worth approximately $2,614,000. Buckingham Strategic Wealth LLC increased its stake in SoFi Technologies by 121.7% in the first quarter. Buckingham Strategic Wealth LLC now owns 24,418 shares of the company valued at $231,000 after purchasing an additional 13,406 shares last quarter. Finally, Gainplan LLC bought a new position in SoFi Technologies in the first quarter worth approximately $797,000. 56.45% of the shares are held by hedge funds and other institutional investors.

SoFi Technologies Company Profile (Get a rating)

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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Richard L. Militello