National Pension Service reduced its stake in SoFi Technologies, Inc. (NASDAQ:SOFI – Free Report) by 96.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 71,813 shares of the company’s stock after selling 1,748,292 shares during the quarter. National Pension Service’s holdings in SoFi Technologies were worth $1,288,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in SOFI. Vermillion Wealth Management Inc. lifted its position in shares of SoFi Technologies by 283.1% during the 4th quarter. Vermillion Wealth Management Inc. now owns 1,000 shares of the company’s stock valued at $26,000 after acquiring an additional 739 shares during the period. Reflection Asset Management acquired a new stake in shares of SoFi Technologies during the 4th quarter worth $28,000. Cornerstone Planning Group LLC increased its position in shares of SoFi Technologies by 232.1% in the first quarter. Cornerstone Planning Group LLC now owns 2,099 shares of the company’s stock worth $34,000 after purchasing an additional 1,467 shares during the period. Compass Financial Management LLC bought a new position in shares of SoFi Technologies in the second quarter worth $34,000. Finally, Raiffeisen Bank International AG acquired a new position in SoFi Technologies in the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 38.43% of the company’s stock.
SoFi Technologies Price Performance
SOFI stock opened at $17.32 on Monday. The firm has a 50-day moving average price of $17.83 and a 200-day moving average price of $17.41. SoFi Technologies, Inc. has a 12 month low of $14.88 and a 12 month high of $32.73. The company has a current ratio of 0.74, a quick ratio of 0.10 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $22.37 billion, a P/E ratio of 36.08, a price-to-earnings-growth ratio of 1.42 and a beta of 2.20.
Analyst Upgrades and Downgrades
SOFI has been the topic of several recent analyst reports. Mizuho decreased their target price on shares of SoFi Technologies from $29.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $17.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Scotiabank started coverage on shares of SoFi Technologies in a research report on Wednesday, September 2nd. They set a “sector outperform” rating and a $25.00 price target on the stock. Morgan Stanley decreased their price objective on shares of SoFi Technologies from $16.00 to $15.00 and set an “underweight” rating on the stock in a research note on Thursday, July 30th. Finally, Needham & Company LLC lowered their price objective on shares of SoFi Technologies from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $22.52.
Insiders Place Their Bets
In other SoFi Technologies news, EVP Kelli Keough sold 11,286 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total transaction of $203,148.00. Following the sale, the executive vice president owned 356,442 shares of the company’s stock, valued at approximately $6,415,956. The trade was a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 102,123 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $17.78, for a total transaction of $1,815,746.94. Following the transaction, the chief technology officer owned 895,089 shares of the company’s stock, valued at $15,914,682.42. This trade represents a 10.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 136,505 shares of company stock worth $2,418,096. Insiders own 2.50% of the company’s stock.
SoFi Technologies Company Profile
SoFi Technologies, Inc is a financial technology company that provides digital financial services to consumers in the United States. The company began in 2011 as a platform focused on student loan refinancing and has expanded into a broader range of lending, banking and investment products.
Through its SoFi platform, the company offers personal loans, student loans, home loans, checking and savings accounts, credit cards, brokerage and investing services, and financial planning tools. Its products are primarily delivered through digital channels, including its website and mobile applications.
SoFi also operates a technology platform business through Galileo Financial Technologies and Technisys, which provide payment, account-management and other financial infrastructure to banks, fintech companies and other businesses.
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