Tidal Investments LLC Trims Stock Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Tidal Investments LLC decreased its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 71.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 46,167 shares of the company’s stock after selling 116,073 shares during the period. Tidal Investments LLC’s holdings in SoFi Technologies were worth $363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James & Associates grew its position in shares of SoFi Technologies by 28.6% during the 2nd quarter. Raymond James & Associates now owns 520,301 shares of the company’s stock worth $3,439,000 after buying an additional 115,639 shares in the last quarter. Raymond James Trust N.A. purchased a new stake in SoFi Technologies in the second quarter worth about $95,000. Bank of New York Mellon Corp grew its holdings in SoFi Technologies by 16.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,117,081 shares of the company’s stock worth $20,604,000 after acquiring an additional 443,198 shares in the last quarter. State of Michigan Retirement System increased its position in SoFi Technologies by 50.0% during the 2nd quarter. State of Michigan Retirement System now owns 1,500,000 shares of the company’s stock valued at $9,915,000 after purchasing an additional 500,000 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Up 1.8 %

Shares of SoFi Technologies stock opened at $15.63 on Tuesday. The firm’s 50 day simple moving average is $13.55 and its two-hundred day simple moving average is $9.47. The firm has a market capitalization of $16.96 billion, a price-to-earnings ratio of 156.32, a PEG ratio of 2.65 and a beta of 1.77. SoFi Technologies, Inc. has a 12-month low of $6.01 and a 12-month high of $17.19. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. Analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price objective 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. Barclays lifted their price target on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Jefferies Financial Group boosted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Finally, Morgan Stanley raised their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $11.04.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 8,914 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.59, for a total transaction of $138,969.26. Following the sale, the executive vice president now directly owns 187,725 shares of the company’s stock, valued at approximately $2,926,632.75. This represents a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the transaction, the chief technology officer now directly owns 586,494 shares of the company’s stock, valued at $9,219,685.68. The trade was a 9.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,009,264 shares of company stock valued at $416,889,795 over the last ninety days. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Company 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.