ARK Investment Management LLC Cuts Stock Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

ARK Investment Management LLC lessened its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI) by 25.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,391,202 shares of the company’s stock after selling 3,221,361 shares during the quarter. SoFi Technologies makes up about 1.2% of ARK Investment Management LLC’s portfolio, making the stock its 27th biggest holding. ARK Investment Management LLC’s holdings in SoFi Technologies were worth $144,625,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. FNY Investment Advisers LLC increased its stake in SoFi Technologies by 727.1% during the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after buying an additional 1,905 shares during the period. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies during the 3rd quarter worth $27,000. Brooklyn Investment Group purchased a new stake in SoFi Technologies during the 3rd quarter worth $28,000. AdvisorNet Financial Inc increased its stake in SoFi Technologies by 63.5% during the 4th quarter. AdvisorNet Financial Inc now owns 5,486 shares of the company’s stock worth $84,000 after buying an additional 2,130 shares during the period. Finally, SOA Wealth Advisors LLC. increased its stake in SoFi Technologies by 33.1% during the 4th quarter. SOA Wealth Advisors LLC. now owns 5,634 shares of the company’s stock worth $87,000 after buying an additional 1,400 shares during the period. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Down 3.1 %

NASDAQ SOFI opened at $13.92 on Wednesday. SoFi Technologies, Inc. has a one year low of $6.01 and a one year high of $18.42. The company has a 50-day simple moving average of $15.59 and a 200-day simple moving average of $12.37. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a market capitalization of $15.11 billion, a PE ratio of 37.62, a price-to-earnings-growth ratio of 2.24 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period last year, the firm posted $0.04 earnings per share. On average, equities analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SOFI. The Goldman Sachs Group lifted their price target on shares of SoFi Technologies from $8.50 to $9.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Bank of America reaffirmed an “underperform” rating and set a $12.00 price target on shares of SoFi Technologies in a research note on Monday, December 9th. Morgan Stanley lifted their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research note on Thursday, December 19th. Needham & Company LLC lifted their price target on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Finally, Barclays boosted their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and a consensus target price of $12.50.

Insider Activity

In other SoFi Technologies news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $16.06, for a total transaction of $28,242,361.18. Following the completion of the transaction, the director now directly owns 482,083 shares of the company’s stock, valued at $7,742,252.98. The trade was a 78.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,185 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $15.43, for a total transaction of $141,724.55. Following the transaction, the executive vice president now directly owns 169,626 shares of the company’s stock, valued at $2,617,329.18. The trade was a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,008,465 shares of company stock valued at $416,952,167. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Company Profile

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.