Connor Clark & Lunn Investment Management Ltd. Sells 1,210,590 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 30.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,729,750 shares of the company’s stock after selling 1,210,590 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.25% of SoFi Technologies worth $42,038,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Brooklyn Investment Group acquired a new stake in SoFi Technologies in the 3rd quarter valued at $28,000. Hollencrest Capital Management acquired a new stake in SoFi Technologies in the 4th quarter valued at $31,000. FNY Investment Advisers LLC grew its position in SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock valued at $33,000 after purchasing an additional 1,905 shares during the period. SouthState Corp acquired a new stake in SoFi Technologies in the 3rd quarter valued at $67,000. Finally, Huntington National Bank grew its position in SoFi Technologies by 442.0% in the 3rd quarter. Huntington National Bank now owns 8,856 shares of the company’s stock valued at $70,000 after purchasing an additional 7,222 shares during the period. Institutional investors own 38.43% of the company’s stock.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 64,991 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now directly owns 586,494 shares in the company, valued at $9,219,685.68. This represents a 9.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.59, for a total value of $138,969.26. Following the sale, the executive vice president now owns 187,725 shares in the company, valued at approximately $2,926,632.75. This represents a 4.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,004 shares of company stock worth $1,459,060. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $11.92 on Thursday. The company’s 50-day moving average is $15.00 and its 200 day moving average is $12.79. 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 company has a market capitalization of $13.07 billion, a P/E ratio of 32.22, a price-to-earnings-growth ratio of 2.24 and a beta of 1.79. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $18.42.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 in the prior year, the company posted $0.04 EPS. On average, equities research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. The Goldman Sachs Group lifted their price target on shares of SoFi Technologies from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Morgan Stanley lifted their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. lifted their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Finally, William Blair reaffirmed an “outperform” rating on shares of SoFi Technologies in a report on Friday, January 24th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.50.

About SoFi Technologies

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.