QRG Capital Management Inc. Has $2.75 Million Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

QRG Capital Management Inc. trimmed its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 15.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 236,615 shares of the company’s stock after selling 44,176 shares during the period. QRG Capital Management Inc.’s holdings in SoFi Technologies were worth $2,752,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SOFI. Two Sigma Advisers LP acquired a new stake in SoFi Technologies in the fourth quarter valued at $299,980,000. Vanguard Group Inc. grew its holdings in SoFi Technologies by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock worth $1,514,390,000 after acquiring an additional 8,898,879 shares during the period. Norges Bank acquired a new stake in SoFi Technologies during the 4th quarter worth about $103,678,000. Voloridge Investment Management LLC acquired a new stake in SoFi Technologies during the 4th quarter worth about $75,139,000. Finally, Amundi grew its holdings in SoFi Technologies by 58,176.3% during the 4th quarter. Amundi now owns 2,705,185 shares of the company’s stock worth $39,360,000 after acquiring an additional 2,700,543 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SoFi Technologies

In related news, EVP Kelli Keough sold 11,181 shares of the firm’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $10.71, for a total value of $119,748.51. Following the transaction, the executive vice president now owns 215,029 shares of the company’s stock, valued at approximately $2,302,960.59. This trade represents a 4.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Magdalena Yesil sold 87,140 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the transaction, the director now directly owns 289,258 shares in the company, valued at approximately $4,162,422.62. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 196,981 shares of company stock valued at $2,743,434. 2.60% of the stock is owned by corporate insiders.

SoFi Technologies Stock Performance

Shares of SOFI opened at $15.36 on Thursday. SoFi Technologies, Inc. has a one year low of $6.01 and a one year high of $18.42. The company has a market cap of $16.98 billion, a PE ratio of 37.46, a P/E/G ratio of 2.51 and a beta of 1.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The stock has a 50-day moving average of $13.04 and a 200-day moving average of $13.96.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The business had revenue of $763.81 million for the quarter, compared to analysts’ expectations of $739.93 million. During the same quarter last year, the firm earned $0.02 EPS. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. On average, equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. JMP Securities assumed coverage on SoFi Technologies in a report on Friday, April 25th. They set a “market outperform” rating and a $17.00 price target for the company. Barclays increased their price target on SoFi Technologies from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 30th. Dbs Bank upgraded SoFi Technologies to a “strong-buy” rating in a report on Friday, February 21st. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of SoFi Technologies in a report on Wednesday, April 30th. Finally, Truist Financial assumed coverage on SoFi Technologies in a report on Monday, June 2nd. They set a “hold” rating and a $14.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.73.

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.