LPL Financial LLC Decreases Stock Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

LPL Financial LLC decreased its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 8.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 800,556 shares of the company’s stock after selling 69,900 shares during the quarter. LPL Financial LLC owned approximately 0.09% of SoFi Technologies worth $4,859,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SOFI. US Bancorp DE grew its position 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 worth $28,000 after buying an additional 2,000 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in SoFi Technologies during the 1st quarter worth approximately $36,000. Advisors Preferred LLC purchased a new stake in shares of SoFi Technologies in the 1st quarter valued at approximately $25,000. Global Retirement Partners LLC raised its holdings in shares of SoFi Technologies by 330.3% in the 1st quarter. Global Retirement Partners LLC now owns 5,435 shares of the company’s stock valued at $26,000 after purchasing an additional 4,172 shares in the last quarter. Finally, Carolinas Wealth Consulting LLC purchased a new stake in shares of SoFi Technologies during the 1st quarter worth $76,000. Institutional investors and hedge funds own 37.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wedbush reissued an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a report on Tuesday, August 1st. Keefe, Bruyette & Woods lowered SoFi Technologies from a “market perform” rating to an “underperform” rating and raised their target price for the stock from $5.50 to $7.00 in a research report on Tuesday, August 1st. Morgan Stanley downgraded SoFi Technologies from an “equal weight” rating to an “underweight” rating and upped their price target for the company from $6.50 to $7.00 in a report on Thursday, July 13th. Bank of America raised their price objective on shares of SoFi Technologies from $10.00 to $11.50 and gave the stock a “neutral” rating in a report on Tuesday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of SoFi Technologies from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, August 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.16.

Insider Activity

In related news, insider Aaron Webster sold 200,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $9.69, for a total transaction of $1,938,000.00. Following the completion of the transaction, the insider now directly owns 678,261 shares of the company’s stock, valued at $6,572,349.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Aaron Webster sold 200,000 shares of SoFi Technologies stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $9.69, for a total value of $1,938,000.00. Following the sale, the insider now directly owns 678,261 shares in the company, valued at $6,572,349.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Chad M. Borton sold 90,458 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $8.68, for a total value of $785,175.44. Following the completion of the transaction, the insider now owns 229,449 shares of the company’s stock, valued at approximately $1,991,617.32. The disclosure for this sale can be found here. Insiders have sold a total of 390,458 shares of company stock valued at $3,652,175 over the last quarter. Corporate insiders own 2.70% of the company’s stock.

SoFi Technologies Stock Up 1.5 %

SOFI opened at $8.79 on Friday. SoFi Technologies, Inc. has a 52 week low of $4.24 and a 52 week high of $11.70. The business has a 50 day moving average price of $8.93 and a two-hundred day moving average price of $7.19. The company has a quick ratio of 0.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.23. The company has a market cap of $8.35 billion, a PE ratio of -35.16 and a beta of 1.81.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, July 31st. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoFi Technologies had a negative return on equity of 3.76% and a negative net margin of 10.38%. The business had revenue of $488.80 million during the quarter, compared to analysts’ expectations of $473.94 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. The company’s quarterly revenue was up 37.3% compared to the same quarter last year. As a group, research analysts anticipate that SoFi Technologies, Inc. will post -0.21 EPS for the current year.

About SoFi Technologies

SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.