SoFi Technologies (NASDAQ:SOFI) Stock Rating Downgraded by Morgan Stanley

SoFi Technologies (NASDAQ: SOFI – Get a rating) was downgraded by Morgan Stanley from an “overweight” rating to an “equally weighted” rating in a research note released Wednesday to investors, Fly reports.

Several other analysts have also published reports on SOFI. Zacks Investment Research upgraded SoFi Technologies from a “sell” rating to a “hold” rating in a report on Friday, January 28. Mizuho reduced its target price on SoFi Technologies from $30.00 to $17.00 in a Tuesday, January 18 research report. Oppenheimer cut his price target on SoFi Technologies from $28.00 to $18.00 and set an “outperform” rating on the stock in a Wednesday, Feb. 9 research report. Citigroup took over coverage from SoFi Technologies in a Monday, Dec. 20 research note. They set a “buy” rating and a target price of $20.00 on the stock. Finally, Credit Suisse Group cut 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 note. Seven equity research analysts gave the stock a hold rating and six gave the company a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.29.

SOFI stock opened Wednesday at $8.20. SoFi Technologies has a 1-year low of $7.74 and a 1-year high of $24.95. The company has a fifty-day moving average price of $11.86 and a 200-day moving average price of $15.53. The company has a debt ratio of 0.90, a quick ratio of 17.57 and a current ratio of 22.93.

SoFi Technologies (NASDAQ: SOFI – Get a rating) last released its quarterly earnings data on Tuesday, March 1. The company reported ($0.15) EPS for the quarter, beating Thomson Reuters consensus estimate of ($0.16) by $0.01. The company posted revenue of $279.88 million in the quarter, versus a consensus estimate of $279.47 million. During the same period of the previous year, the company achieved EPS of ($1.85). The company’s revenue increased 53.8% year over year. On average, equity analysts expect SoFi Technologies to post -0.37 EPS for the current fiscal year.

In related news, Insider Micah Heavener sold 2,000 shares in a trade dated Thursday, January 20. The shares were sold at an average price of $15.00, for a total transaction of $30,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Also, CEO Antoine Noto bought 15,000 shares of the company in a transaction 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. Disclosure of this purchase can be found here. Insiders acquired 70,265 shares of the company valued at $638,026 over the past 90 days. 35.10% of the shares are currently held by insiders.

A number of institutional investors and hedge funds have recently changed their holdings in the company. Psagot Value Holdings Ltd. Israel acquired a new stake in shares of SoFi Technologies in the fourth quarter worth about $109,000. DCM International VI Ltd. acquired a new stake in SoFi Technologies during the fourth quarter worth approximately $185,092,000. C2C Wealth Management LLC acquired a new position in SoFi Technologies during the fourth quarter worth approximately $232,000. Resources Investment Advisors LLC. increased its stake in SoFi Technologies by 6.5% during the fourth quarter. Resources Investment Advisors LLC. now owns 32,647 shares of the company worth $516,000 after purchasing an additional 1,994 shares during the period. Finally, JustInvest LLC increased its stake in SoFi Technologies by 76.9% during the fourth quarter. JustInvest LLC now owns 57,135 shares of the company worth $903,000 after purchasing an additional 24,832 shares during the period. Institutional investors hold 50.03% of the company’s shares.

About SoFi Technologies (Get a rating)

SoFi Technologies, Inc provides digital financial services. The Company operates through three reportable segments: Lending, Financial Services and Technology Platform. Its financial services allow its members to borrow, save, spend, invest and protect their money. The company offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

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