QRG Capital Management Inc. Buys 91,582 Shares of SoFi Technologies, Inc. $SOFI

QRG Capital Management Inc. lifted its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 38.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 328,197 shares of the company’s stock after purchasing an additional 91,582 shares during the period. QRG Capital Management Inc.’s holdings in SoFi Technologies were worth $5,976,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SOFI. Hazlett Burt & Watson Inc. grew its holdings in shares of SoFi Technologies by 2,200.0% in the first quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company’s stock worth $27,000 after purchasing an additional 2,200 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of SoFi Technologies in the first quarter worth about $28,000. SVB Wealth LLC bought a new position in shares of SoFi Technologies in the first quarter worth about $28,000. Garde Capital Inc. bought a new position in shares of SoFi Technologies in the first quarter worth about $31,000. Finally, Larson Financial Group LLC grew its holdings in shares of SoFi Technologies by 127.1% in the first quarter. Larson Financial Group LLC now owns 2,714 shares of the company’s stock worth $32,000 after purchasing an additional 1,519 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 98,733 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $27.50, for a total value of $2,715,157.50. Following the transaction, the chief technology officer owned 759,553 shares in the company, valued at approximately $20,887,707.50. This represents a 11.50% 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 10,578 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $22.13, for a total transaction of $234,091.14. Following the completion of the transaction, the executive vice president owned 234,622 shares in the company, valued at approximately $5,192,184.86. This trade represents a 4.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,614 shares of company stock worth $3,452,672. 2.60% of the stock is owned by corporate insiders.

SoFi Technologies Stock Performance

SOFI opened at $25.24 on Monday. SoFi Technologies, Inc. has a 52-week low of $7.90 and a 52-week high of $30.30. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57. The company has a market cap of $30.22 billion, a P/E ratio of 52.58, a price-to-earnings-growth ratio of 3.00 and a beta of 1.92. The firm’s 50-day moving average price is $25.03 and its 200-day moving average price is $18.23.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.44%. The firm had revenue of $519.37 million for the quarter, compared to the consensus estimate of $801.94 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. The company’s revenue for the quarter was up 42.8% compared to the same quarter last year. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. As a group, equities analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SOFI has been the topic of a number of research analyst reports. Barclays upped their price target on shares of SoFi Technologies from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 30th. Keefe, Bruyette & Woods upped their price objective on shares of SoFi Technologies from $13.00 to $14.00 and gave the stock an “underperform” rating in a research note on Tuesday, August 5th. Citigroup upped their price objective on shares of SoFi Technologies from $18.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Truist Financial set a $23.00 price objective on shares of SoFi Technologies in a research note on Monday, August 4th. Finally, JMP Securities reaffirmed a “market perform” rating and issued a $17.00 price objective on shares of SoFi Technologies in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $20.18.

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.