835,380 Shares in SoFi Technologies, Inc. (NASDAQ:SOFI) Acquired by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC has acquired 835,380 shares of SoFi Technologies, valued at approximately $9.7 million, making it the 14th largest position in their portfolio.
• Insiders, including Director Magdalena Yesil, have sold a total of 273,181 shares in the last 90 days, indicating a potential shift in sentiment among company executives.
• The current consensus rating for SoFi Technologies among analysts is "Hold," with a price target averaging $18.29, reflecting mixed outlooks on the stock’s future performance.

Sierra Summit Advisors LLC purchased a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 835,380 shares of the company's stock, valued at approximately $9,715,000. SoFi Technologies makes up about 2.1% of Sierra Summit Advisors LLC's holdings, making the stock its 14th biggest position. Sierra Summit Advisors LLC owned approximately 0.08% of SoFi Technologies at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in SoFi Technologies by 2.0% during the 4th quarter. Brighton Jones LLC now owns 719,288 shares of the company's stock valued at $11,077,000 after purchasing an additional 14,281 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of SoFi Technologies by 5.6% in the fourth quarter. Russell Investments Group Ltd. now owns 52,564 shares of the company's stock valued at $809,000 after acquiring an additional 2,774 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of SoFi Technologies in the fourth quarter valued at approximately $323,000. Invesco Ltd. grew its position in SoFi Technologies by 84.7% during the 4th quarter. Invesco Ltd. now owns 1,408,801 shares of the company's stock worth $21,696,000 after acquiring an additional 645,994 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new stake in SoFi Technologies during the 4th quarter valued at $14,420,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SoFi Technologies

In related news, 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 value of $1,253,944.60. Following the sale, the director owned 289,258 shares of the company's stock, valued at approximately $4,162,422.62. This trade represents a 23.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kelli Keough sold 10,267 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.80, for a total value of $223,820.60. Following the completion of the sale, the executive vice president owned 245,200 shares in the company, valued at $5,345,360. The trade was a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 273,181 shares of company stock valued at $4,043,240 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Morgan Stanley reissued an "underweight" rating and issued a $13.00 price objective (up previously from $11.00) on shares of SoFi Technologies in a research note on Wednesday, July 30th. TD Cowen initiated coverage on shares of SoFi Technologies in a research note on Friday, July 11th. They issued a "hold" rating and a $21.00 target price for the company. Redburn Atlantic upgraded shares of SoFi Technologies to a "hold" rating in a research report on Friday, August 1st. Truist Financial set a $23.00 price target on shares of SoFi Technologies in a report on Monday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of SoFi Technologies from $13.00 to $14.00 and gave the stock an "underperform" rating in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $18.29.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $22.10 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.80. SoFi Technologies, Inc. has a 52 week low of $6.47 and a 52 week high of $25.11. The company's 50 day moving average price is $18.45 and its two-hundred day moving average price is $15.05. The company has a market capitalization of $24.43 billion, a P/E ratio of 46.04, a price-to-earnings-growth ratio of 2.74 and a beta of 1.93.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.51%. The company had revenue of $519.37 million during the quarter, compared to the consensus estimate of $801.94 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The firm's revenue was up 42.8% compared to the same quarter last year. On average, analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

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.

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