Wolff Wiese Magana LLC Increases Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Wolff Wiese Magana LLC raised its position in SoFi Technologies, Inc. (NASDAQ:SOFIGet Rating) by 108.7% during the second quarter, HoldingsChannel reports. The firm owned 120,715 shares of the company’s stock after purchasing an additional 62,876 shares during the period. Wolff Wiese Magana LLC’s holdings in SoFi Technologies were worth $636,000 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. Principal Financial Group Inc. purchased a new position in SoFi Technologies in the 4th quarter valued at $198,000. Allianz Asset Management GmbH purchased a new position in SoFi Technologies in the 4th quarter valued at $393,000. Ensign Peak Advisors Inc acquired a new stake in shares of SoFi Technologies in the 4th quarter worth $1,130,000. Charles Schwab Investment Management Inc. increased its stake in shares of SoFi Technologies by 12.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,155,648 shares of the company’s stock worth $49,891,000 after acquiring an additional 345,699 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of SoFi Technologies by 12.0% in the 4th quarter. Geode Capital Management LLC now owns 6,031,801 shares of the company’s stock worth $95,207,000 after acquiring an additional 647,121 shares during the last quarter. Hedge funds and other institutional investors own 38.19% of the company’s stock.

SoFi Technologies Trading Down 2.1 %

SoFi Technologies stock traded down $0.11 during midday trading on Friday, reaching $5.25. 897,671 shares of the stock traded hands, compared to its average volume of 38,782,848. The company has a 50-day simple moving average of $6.53 and a two-hundred day simple moving average of $6.96. SoFi Technologies, Inc. has a 12-month low of $4.82 and a 12-month high of $24.65. The firm has a market cap of $4.81 billion, a PE ratio of -11.35 and a beta of 1.53. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.72.

SoFi Technologies (NASDAQ:SOFIGet Rating) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.12) EPS for the quarter, meeting analysts’ consensus estimates of ($0.12). SoFi Technologies had a negative return on equity of 7.30% and a negative net margin of 27.19%. The company had revenue of $362.53 million during the quarter, compared to analysts’ expectations of $346.39 million. Research analysts expect that SoFi Technologies, Inc. will post -0.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on SOFI. Mizuho raised their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Seaport Res Ptn reaffirmed a “neutral” rating on shares of SoFi Technologies in a research note on Friday, September 9th. Credit Suisse Group raised their target price on SoFi Technologies from $8.00 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Bank of America raised SoFi Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $8.00 to $9.00 in a research note on Wednesday, September 14th. Finally, Bank Of America (Bofa) raised SoFi Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $8.00 to $9.00 in a research note on Wednesday, September 14th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.36.

Insider Activity at SoFi Technologies

In other news, major shareholder Group Corp Softbank sold 5,381,785 shares of SoFi Technologies stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $7.99, for a total value of $43,000,462.15. Following the completion of the transaction, the insider now owns 89,900,110 shares in the company, valued at approximately $718,301,878.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.00% of the stock is currently owned by company insiders.

About SoFi Technologies

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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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Institutional Ownership by Quarter for SoFi Technologies (NASDAQ:SOFI)

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