Citizens Financial Group Inc. RI Makes New $1.13 Million Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Citizens Financial Group Inc. RI purchased a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 170,132 shares of the company’s stock, valued at approximately $1,125,000.

A number of other institutional investors and hedge funds have also modified their holdings of SOFI. Vanguard Group Inc. lifted its position in SoFi Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock worth $604,632,000 after acquiring an additional 1,366,271 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after purchasing an additional 9,482,683 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in SoFi Technologies by 6.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock valued at $75,737,000 after purchasing an additional 690,638 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in SoFi Technologies by 176.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock valued at $78,494,000 after buying an additional 6,870,610 shares during the last quarter. Finally, Norges Bank bought a new position in SoFi Technologies in the 4th quarter worth approximately $71,349,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SOFI has been the topic of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday, July 31st. Barclays cut their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods decreased their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Finally, BTIG Research initiated coverage on SoFi Technologies in a report on Friday, June 7th. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Stock Performance

SoFi Technologies stock opened at $8.12 on Wednesday. The stock has a fifty day moving average price of $7.26 and a two-hundred day moving average price of $7.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. 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 $8.58 billion, a P/E ratio of -26.19, a P/E/G ratio of 1.48 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 EPS for the quarter, meeting analysts’ consensus estimates of $0.01. The firm had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) earnings per share. As a group, analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 24,939 shares of the firm’s stock in a transaction 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 directly owns 114,407 shares in the company, valued at $830,594.82. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at $2,906,704.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.