Merit Financial Group LLC Raises Holdings in SoFi Technologies, Inc. $SOFI

Merit Financial Group LLC lifted its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 188.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,384 shares of the company’s stock after purchasing an additional 43,404 shares during the quarter. Merit Financial Group LLC’s holdings in SoFi Technologies were worth $1,754,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SOFI. Norges Bank bought a new stake in SoFi Technologies in the 2nd quarter worth approximately $164,068,000. Quadrature Capital Ltd purchased a new position in shares of SoFi Technologies in the second quarter valued at $115,188,000. Marshall Wace LLP increased its position in SoFi Technologies by 88.2% in the second quarter. Marshall Wace LLP now owns 7,997,146 shares of the company’s stock worth $145,628,000 after purchasing an additional 3,748,817 shares during the last quarter. Mizuho Markets Cayman LP purchased a new stake in SoFi Technologies during the second quarter valued at $45,525,000. Finally, ARK Investment Management LLC lifted its position in SoFi Technologies by 118.5% during the second quarter. ARK Investment Management LLC now owns 4,424,155 shares of the company’s stock valued at $80,564,000 after purchasing an additional 2,399,746 shares during the last quarter. 38.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of SoFi Technologies from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Needham & Company LLC lifted their price target on SoFi Technologies from $29.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Truist Financial decreased their price objective on SoFi Technologies from $31.00 to $28.00 and set a “hold” rating on the stock in a research report on Tuesday, November 25th. Jefferies Financial Group reiterated a “buy” rating and issued a $35.00 target price on shares of SoFi Technologies in a report on Tuesday, October 28th. Finally, Barclays boosted their target price on SoFi Technologies from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and an average price target of $25.69.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 10,340 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $26.43, for a total value of $273,286.20. Following the transaction, the executive vice president directly owned 265,034 shares in the company, valued at approximately $7,004,848.62. This represents a 3.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Arun Pinto sold 46,132 shares of SoFi Technologies stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $24.76, for a total transaction of $1,142,228.32. Following the sale, the insider owned 138,396 shares of the company’s stock, valued at $3,426,684.96. The trade was a 25.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 167,813 shares of company stock worth $4,403,334. Insiders own 2.60% of the company’s stock.

SoFi Technologies Trading Up 4.9%

SOFI opened at $27.46 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.16 and a current ratio of 0.80. The stock’s 50 day moving average price is $28.02 and its 200-day moving average price is $25.25. SoFi Technologies, Inc. has a one year low of $8.60 and a one year high of $32.73. The stock has a market cap of $33.11 billion, a price-to-earnings ratio of 50.85 and a beta of 1.92.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $949.63 million during the quarter, compared to analyst estimates of $880.33 million. SoFi Technologies had a return on equity of 5.12% and a net margin of 19.29%.SoFi Technologies’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period last year, the company earned $0.05 EPS. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. On average, equities analysts forecast that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

SoFi Technologies Company Profile

SoFi Technologies, Inc (NASDAQ: SOFI) is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company’s core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.