Truist Financial Corp Lowers Stock Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Truist Financial Corp lessened its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 8.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,556 shares of the company’s stock after selling 12,187 shares during the period. Truist Financial Corp’s holdings in SoFi Technologies were worth $909,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SOFI. Vanguard Group Inc. raised its position in SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after purchasing an additional 5,057,233 shares during the period. HighPoint Advisor Group LLC bought a new position in shares of SoFi Technologies in the fourth quarter worth approximately $1,160,000. Moseley Investment Management Inc. increased its stake in shares of SoFi Technologies by 15.1% in the first quarter. Moseley Investment Management Inc. now owns 30,680 shares of the company’s stock worth $224,000 after buying an additional 4,021 shares during the period. Banque Cantonale Vaudoise raised its holdings in SoFi Technologies by 16.0% during the 1st quarter. Banque Cantonale Vaudoise now owns 14,500 shares of the company’s stock valued at $107,000 after buying an additional 2,000 shares during the last quarter. Finally, SOA Wealth Advisors LLC. boosted its holdings in shares of SoFi Technologies by 61.2% during the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock worth $33,000 after purchasing an additional 1,713 shares during the period. Institutional investors own 38.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SOFI. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Wednesday, July 31st. Barclays cut their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods decreased their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.08.

Insider Transactions at SoFi Technologies

In related news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 102,328 shares of company stock valued at $808,246 over the last quarter. 2.60% of the stock is currently owned by company insiders.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $10.04 on Tuesday. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a 50 day moving average price of $7.63 and a 200-day moving average price of $7.25. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $10.49. The firm has a market capitalization of $10.61 billion, a PE ratio of -32.39, a P/E/G ratio of 1.72 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. During the same period in the previous year, the company posted ($0.06) EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

SoFi Technologies 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.