Van ECK Associates Corp Sells 59,922 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Van ECK Associates Corp reduced its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 23.7% in the third quarter, Holdings Channel.com reports. The fund owned 192,616 shares of the company’s stock after selling 59,922 shares during the quarter. Van ECK Associates Corp’s holdings in SoFi Technologies were worth $1,514,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SOFI. GSA Capital Partners LLP lifted its holdings in shares of SoFi Technologies by 43.6% during the 1st quarter. GSA Capital Partners LLP now owns 67,562 shares of the company’s stock worth $493,000 after acquiring an additional 20,513 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in SoFi Technologies during the 1st quarter valued at $79,000. Empowered Funds LLC boosted its holdings in shares of SoFi Technologies by 22.2% during the first quarter. Empowered Funds LLC now owns 47,854 shares of the company’s stock worth $349,000 after purchasing an additional 8,707 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in SoFi Technologies by 12.0% in the first quarter. Oppenheimer & Co. Inc. now owns 229,804 shares of the company’s stock valued at $1,678,000 after acquiring an additional 24,699 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of SoFi Technologies by 1.1% during the first quarter. Swiss National Bank now owns 1,798,400 shares of the company’s stock valued at $13,128,000 after buying an additional 19,600 shares during the period. Hedge funds and other institutional investors own 38.43% of the company’s stock.

Insider Activity

In related news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares of the company’s stock, valued at $830,594.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,636 shares of company stock worth $904,677 over the last three months. Insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

SOFI has been the subject of several recent research reports. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Jefferies Financial Group increased their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Needham & Company LLC increased their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays raised their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus target price of $9.32.

SoFi Technologies Trading Up 8.5 %

NASDAQ:SOFI opened at $14.11 on Tuesday. The firm has a fifty day simple moving average of $9.20 and a 200-day simple moving average of $7.77. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $15.04 billion, a P/E ratio of 141.10, a PEG ratio of 2.13 and a beta of 1.60. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $14.44.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.79%. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.03) earnings per share. On average, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

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.