ARK Investment Management LLC Cuts Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

ARK Investment Management LLC reduced its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 25.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,391,202 shares of the company's stock after selling 3,221,361 shares during the period. SoFi Technologies makes up 1.2% of ARK Investment Management LLC's portfolio, making the stock its 27th biggest holding. ARK Investment Management LLC owned about 0.87% of SoFi Technologies worth $144,625,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in shares of SoFi Technologies during the 3rd quarter valued at $27,000. Brooklyn Investment Group bought a new stake in shares of SoFi Technologies during the 3rd quarter worth $28,000. FNY Investment Advisers LLC lifted its holdings in shares of SoFi Technologies by 727.1% during the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company's stock worth $33,000 after acquiring an additional 1,905 shares during the last quarter. SouthState Corp bought a new stake in shares of SoFi Technologies during the 3rd quarter worth $67,000. Finally, Huntington National Bank lifted its holdings in shares of SoFi Technologies by 442.0% during the 3rd quarter. Huntington National Bank now owns 8,856 shares of the company's stock worth $70,000 after acquiring an additional 7,222 shares during the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at SoFi Technologies

In related news, EVP Eric Schuppenhauer purchased 30,600 shares of SoFi Technologies stock in a transaction that occurred on Monday, December 16th. The shares were bought at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the completion of the transaction, the executive vice president now directly owns 46,105 shares of the company's stock, valued at $753,355.70. This represents a 197.36 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 8,914 shares of the business's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.59, for a total transaction of $138,969.26. Following the transaction, the executive vice president now owns 187,725 shares in the company, valued at $2,926,632.75. This represents a 4.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,008,465 shares of company stock worth $416,952,167. 2.60% of the stock is currently owned by company insiders.

SoFi Technologies Trading Up 2.8 %

Shares of SOFI stock traded up $0.40 during mid-day trading on Friday, reaching $14.47. The stock had a trading volume of 38,753,865 shares, compared to its average volume of 45,089,039. The stock's 50-day moving average price is $15.54 and its two-hundred day moving average price is $12.46. SoFi Technologies, Inc. has a 52-week low of $6.01 and a 52-week high of $18.42. The firm has a market capitalization of $15.70 billion, a PE ratio of 39.11, a price-to-earnings-growth ratio of 2.24 and a beta of 1.78. 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 - Get Free Report) last released its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period in the previous year, the business earned $0.04 EPS. Equities analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an "underweight" rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. William Blair reaffirmed an "outperform" rating on shares of SoFi Technologies in a report on Friday, January 24th. JPMorgan Chase & Co. lifted their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a "neutral" rating in a report on Monday, December 2nd. Finally, Mizuho boosted their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $12.50.

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.