65,509 SoFi Technologies, Inc. $SOFI Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lifted its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 12.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 596,720 shares of the company’s stock after purchasing an additional 65,509 shares during the period. Commonwealth Equity Services LLC’s holdings in SoFi Technologies were worth $9,380,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of SoFi Technologies in the second quarter valued at about $1,298,925,000. Bank of America Corp DE bought a new position in SoFi Technologies during the second quarter worth about $163,808,000. D.A. Davidson & CO. raised its stake in SoFi Technologies by 22.2% in the 1st quarter. D.A. Davidson & CO. now owns 267,848 shares of the company’s stock worth $4,253,000 after purchasing an additional 48,682 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in SoFi Technologies by 24.7% in the 1st quarter. Illinois Municipal Retirement Fund now owns 189,849 shares of the company’s stock worth $3,015,000 after purchasing an additional 37,554 shares in the last quarter. Finally, Wealthfront Advisers LLC acquired a new stake in SoFi Technologies in the 2nd quarter worth about $4,239,000. 38.43% of the stock is owned by institutional investors and hedge funds.

Key SoFi Technologies News

Here’s some of the latest news about SOFI:

• Positive Sentiment: SoFi reported record third-quarter loan originations of $16.9 billion, up 71% year over year, while Lending-segment adjusted revenue rose 68% to $807.4 million. The figures point to strong borrowing demand, although sustaining that pace is a key question. Article: SOFI’s Q3 Loan Originations Hit Record High
• Positive Sentiment: ARK Invest reportedly made a $6.8 million purchase of SoFi shares, a notable vote of confidence from a prominent growth investor. Article: Cathie Wood Sees Something in SoFi
• Neutral Sentiment: SoFi’s new interest-bearing tokenized deposit product could help attract customers and deposits. Its impact will depend on whether those balances can be retained and monetized profitably. Article: SoFi’s 4.40% Deposit Offer Could Be a Smart Move

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of SoFi Technologies from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Thursday, July 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $24.00 price objective on shares of SoFi Technologies in a research report on Wednesday, October 28th. The Goldman Sachs Group set a $15.00 price objective on shares of SoFi Technologies in a research note on Tuesday, October 13th. Truist Financial raised their target price on shares of SoFi Technologies from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, November 3rd. Finally, Stonex Financial upgraded shares of SoFi Technologies to a “strong-buy” rating in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $21.27.

SoFi Technologies Price Performance

Shares of SOFI stock opened at $15.63 on Friday. The company has a quick ratio of 0.10, a current ratio of 0.74 and a debt-to-equity ratio of 0.34. SoFi Technologies, Inc. has a twelve month low of $13.86 and a twelve month high of $31.75. The company has a market cap of $20.19 billion, a P/E ratio of 28.42, a P/E/G ratio of 1.01 and a beta of 2.25. The business has a fifty day simple moving average of $16.24 and a 200 day simple moving average of $17.46.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. SoFi Technologies had a return on equity of 6.81% and a net margin of 15.60%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the firm posted $0.11 earnings per share. SoFi Technologies’s revenue was up 44.4% compared to the same quarter last year. On average, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

Insider Activity

In related news, CTO Jeremy Rishel sold 18,624 shares of SoFi Technologies stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $17.50, for a total transaction of $325,920.00. Following the sale, the chief technology officer directly owned 912,650 shares of the company’s stock, valued at approximately $15,971,375. The trade was a 2.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 11,286 shares of SoFi Technologies stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total transaction of $203,148.00. Following the sale, the executive vice president directly owned 356,442 shares in the company, valued at $6,415,956. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 50,316 shares of company stock valued at $852,605. Insiders own 2.50% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc. is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings. Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.