Allworth Financial LP has decreased its holdings in SoFi Technologies, Inc. (NASDAQ: SOFI) by 26.7% during the second quarter of 2023, based on a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 24,033 shares after selling 8,747 shares, which brings the value of its holdings to approximately $438,000.
Several other institutional investors have also adjusted their positions in SoFi Technologies. Notably, Nuveen LLC acquired a new position valued at $47.6 million during the first quarter. Similarly, Mizuho Markets Cayman LP purchased shares worth around $45.5 million in the second quarter. ARK Investment Management LLC significantly increased its holdings by 118.5%, now owning 4,424,155 shares valued at $80.6 million after acquiring an additional 2,399,746 shares. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake by 58.3%, now holding 4,339,349 shares worth $50.5 million, while Valeo Financial Advisors LLC expanded its holdings by an astounding 3,703.9%, owning 1,337,048 shares valued at $24.3 million. Overall, institutional investors and hedge funds own 38.43% of SoFi Technologies stock.
Analysts have been actively evaluating SoFi shares, with mixed ratings emerging recently. Truist Financial raised its price target from $29.00 to $31.00, maintaining a “hold” rating. UBS Group increased its target from $20.50 to $27.50, assigning a “neutral” rating. Weiss Ratings reiterated a “hold (c)” rating, while the Goldman Sachs Group adjusted its price objective from $24.00 to $27.00, also labeling the stock as “neutral.” Keefe, Bruyette & Woods increased their target from $18.00 to $20.00 but gave an “underperform” rating. Currently, one analyst rates the stock as a Strong Buy, seven as Buy, twelve as Hold, and three as Sell, resulting in an average rating of “Hold” and a price target of $25.06 according to MarketBeat data.
In addition to these developments, insider trading activity has been notable. Executive Vice President Kelli Keough sold 10,036 shares on October 20th at an average price of $28.33, totaling approximately $284,319.88. After this transaction, Keough retains 275,374 shares valued at about $7.8 million, marking a 3.52% decrease in her holdings. Chief Technology Officer Jeremy Rishel sold 98,733 shares on September 18th for a total of $2.7 million, resulting in an 11.50% decrease in his position. Over the past three months, insiders have sold a total of 129,383 shares valued at $3.5 million. Corporate insiders now hold 2.60% of the company’s stock.
As of Monday, SoFi Technologies’ stock opened at $27.82, reflecting a 2.0% decrease. The stock has experienced a 12-month low of $8.60 and a 12-month high of $32.73. The business’s 50-day moving average stands at $28.12, and the 200-day moving average is $21.90. With a market capitalization of $33.55 billion, SoFi Technologies has a price-to-earnings ratio of 51.52 and a price-to-earnings-growth ratio of 2.71.
SoFi Technologies recently released its earnings results on October 28th, reporting earnings per share (EPS) of $0.11, surpassing the consensus estimate of $0.09 by $0.02. The company achieved a net margin of 19.29% and a return on equity of 5.12%, with quarterly revenue reaching $949.63 million, significantly above analysts’ expectations of $880.33 million. This represents a 37.7% increase in revenue compared to the same period last year. For the fiscal year 2025, SoFi Technologies has set its guidance at $0.370 EPS, with analysts projecting an average EPS of $0.26 for the current year.
Founded in 2011, SoFi Technologies, Inc. provides a range of financial services across the United States, Latin America, and Canada. The company operates through three primary segments: Lending, Technology Platform, and Financial Services, offering products and services that enable members to borrow, save, spend, invest, and protect their money.
