State of Michigan Retirement System increased its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 50.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,500,000 shares of the company's stock after buying an additional 500,000 shares during the quarter. State of Michigan Retirement System owned 0.14% of SoFi Technologies worth $9,915,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in SoFi Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company's stock worth $604,632,000 after acquiring an additional 1,366,271 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of SoFi Technologies by 6.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company's stock valued at $75,737,000 after acquiring an additional 690,638 shares in the last quarter. Nikko Asset Management Americas Inc. grew its holdings in SoFi Technologies by 176.3% during the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company's stock worth $78,494,000 after purchasing an additional 6,870,610 shares during the period. Norges Bank bought a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $71,349,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of SoFi Technologies by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company's stock valued at $54,659,000 after buying an additional 199,949 shares in the last quarter. Hedge funds and other institutional investors own 38.43% of the company's stock.
SoFi Technologies Price Performance
SOFI stock traded down $0.28 during trading on Wednesday, hitting $7.49. The company had a trading volume of 33,300,688 shares, compared to its average volume of 45,940,469. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of -24.16, a P/E/G ratio of 1.45 and a beta of 1.70. The company has a current ratio of 0.93, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average of $6.93 and a 200 day moving average of $7.24. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $10.49.
SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The business had revenue of $598.60 million for the quarter, compared to analysts' expectations of $565.19 million. During the same quarter last year, the business earned ($0.06) earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.
Insider Transactions at SoFi Technologies
In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the firm's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now directly owns 114,407 shares of the company's stock, valued at $830,594.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Jeremy Rishel sold 56,273 shares of the firm's stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares of the company's stock, valued at approximately $2,906,704.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 24,939 shares of SoFi Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares of the company's stock, valued at approximately $830,594.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,921,285 shares of company stock valued at $135,057,462. Corporate insiders own 2.60% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on SOFI. Wedbush reissued an "underperform" rating and issued a $3.00 price objective on shares of SoFi Technologies in a research note on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of SoFi Technologies from $12.00 to $11.00 and set a "hold" rating for the company in a research note on Tuesday, April 30th. BTIG Research started coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They issued a "neutral" rating for the company. Barclays dropped their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an "equal weight" rating for the company in a report on Tuesday, July 9th. Finally, Needham & Company LLC restated a "buy" rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, SoFi Technologies has a consensus rating of "Hold" and a consensus price target of $9.14.
View Our Latest Stock Report on SoFi Technologies
SoFi Technologies Profile
(Free Report)
SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. 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.
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