Royal Bank of Canada boosted its stake in SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) by 6.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,050,555 shares of the company’s stock after buying an additional 127,182 shares during the period. Royal Bank of Canada owned 0.22% of SoFi Technologies worth $10,006,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC increased its position in SoFi Technologies by 7.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 21,626 shares of the company’s stock worth $114,000 after buying an additional 1,416 shares during the period. Exos Asset Management LLC increased its holdings in shares of SoFi Technologies by 20.0% during the second quarter. Exos Asset Management LLC now owns 9,434 shares of the company’s stock valued at $50,000 after purchasing an additional 1,570 shares during the period. Beacon Pointe Advisors LLC increased its holdings in shares of SoFi Technologies by 8.2% during the second quarter. Beacon Pointe Advisors LLC now owns 21,192 shares of the company’s stock valued at $113,000 after purchasing an additional 1,609 shares during the period. US Bancorp DE increased its holdings in shares of SoFi Technologies by 197.0% during the first quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $28,000 after purchasing an additional 2,000 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in shares of SoFi Technologies by 10.3% during the second quarter. Macquarie Group Ltd. now owns 24,600 shares of the company’s stock valued at $130,000 after purchasing an additional 2,293 shares during the period. 34.32% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other SoFi Technologies news, CEO Anthony Noto acquired 132,600 shares of the firm’s stock in a transaction on Monday, December 12th. The stock was purchased at an average cost of $4.29 per share, for a total transaction of $568,854.00. Following the transaction, the chief executive officer now owns 4,768,786 shares of the company’s stock, valued at approximately $20,458,091.94. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, General Counsel Robert S. Lavet sold 200,000 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $8.06, for a total transaction of $1,612,000.00. Following the completion of the sale, the general counsel now directly owns 1,253,269 shares of the company’s stock, valued at approximately $10,101,348.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anthony Noto purchased 132,600 shares of the business’s stock in a transaction dated Monday, December 12th. The shares were purchased at an average cost of $4.29 per share, with a total value of $568,854.00. Following the completion of the purchase, the chief executive officer now directly owns 4,768,786 shares in the company, valued at $20,458,091.94. The disclosure for this purchase can be found here. Corporate insiders own 13.00% of the company’s stock.
SoFi Technologies Trading Down 5.9 %
SoFi Technologies (NASDAQ:SOFI – Get Rating) last released its quarterly earnings results on Monday, January 30th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.04. SoFi Technologies had a negative return on equity of 6.17% and a negative net margin of 19.53%. The business had revenue of $443.40 million during the quarter, compared to analyst estimates of $425.84 million. During the same quarter last year, the company posted ($0.15) EPS. SoFi Technologies’s revenue for the quarter was up 58.4% on a year-over-year basis. Sell-side analysts forecast that SoFi Technologies, Inc. will post -0.21 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on SOFI shares. JPMorgan Chase & Co. started coverage on SoFi Technologies in a report on Tuesday, January 17th. They set a “neutral” rating and a $6.00 price target on the stock. Wedbush raised their price target on SoFi Technologies from $6.00 to $8.00 in a report on Monday, January 30th. Oppenheimer raised their target price on SoFi Technologies from $6.00 to $7.00 and gave the company an “outperform” rating in a research note on Tuesday, January 31st. Credit Suisse Group decreased their target price on SoFi Technologies from $8.00 to $7.50 and set a “neutral” rating for the company in a research note on Tuesday, January 31st. Finally, Morgan Stanley raised their target price on SoFi Technologies from $6.00 to $6.50 and gave the company an “equal weight” rating in a research note on Wednesday, February 8th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, SoFi Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $8.42.
About SoFi Technologies
SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows 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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