Bank of America Corp DE Makes New Investment in SoFi Technologies, Inc. $SOFI

Bank of America Corp DE acquired a new position in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,135,967 shares of the company's stock, valued at approximately $163,808,000. Bank of America Corp DE owned 0.71% of SoFi Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SOFI. Vermillion Wealth Management Inc. raised its holdings in SoFi Technologies by 283.1% in the fourth quarter. Vermillion Wealth Management Inc. now owns 1,000 shares of the company's stock valued at $26,000 after buying an additional 739 shares during the period. Reflection Asset Management acquired a new position in SoFi Technologies during the fourth quarter valued at approximately $28,000. Cornerstone Planning Group LLC grew its stake in SoFi Technologies by 232.1% during the first quarter. Cornerstone Planning Group LLC now owns 2,099 shares of the company's stock worth $34,000 after buying an additional 1,467 shares during the period. Compass Financial Management LLC purchased a new stake in SoFi Technologies during the second quarter worth approximately $34,000. Finally, SHP Wealth Management acquired a new stake in shares of SoFi Technologies in the fourth quarter worth $36,000. 38.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SOFI has been the subject of a number of research reports. Loop Capital started coverage on shares of SoFi Technologies in a research report on Tuesday, September 8th. They set a "hold" rating and a $22.00 price target for the company. Needham & Company LLC cut their price objective on SoFi Technologies from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. The Goldman Sachs Group boosted their price objective on SoFi Technologies from $17.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Mizuho decreased their target price on SoFi Technologies from $29.00 to $22.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Finally, Wells Fargo & Company lowered their target price on SoFi Technologies from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, July 30th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $22.52.

SoFi Technologies Stock Performance

SoFi Technologies stock opened at $16.73 on Friday. SoFi Technologies, Inc. has a 12-month low of $14.88 and a 12-month high of $32.73. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10. The company has a market capitalization of $21.61 billion, a price-to-earnings ratio of 34.85, a price-to-earnings-growth ratio of 1.38 and a beta of 2.20. The firm's fifty day moving average price is $17.74 and its 200 day moving average price is $17.36.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.01. SoFi Technologies had a return on equity of 6.22% and a net margin of 14.78%.The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm earned $0.08 earnings per share. The company's revenue was up 42.5% on a year-over-year basis. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 11,286 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 356,442 shares of the company's stock, valued at $6,415,956. This trade represents a 3.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 33,194 shares of company stock worth $581,499. Corporate insiders own 2.50% of the company's stock.

About SoFi Technologies

SoFi Technologies, Inc is a financial technology company that provides digital financial services to consumers in the United States. The company began in 2011 as a platform focused on student loan refinancing and has expanded into a broader range of lending, banking and investment products.

Through its SoFi platform, the company offers personal loans, student loans, home loans, checking and savings accounts, credit cards, brokerage and investing services, and financial planning tools. Its products are primarily delivered through digital channels, including its website and mobile applications.

SoFi also operates a technology platform business through Galileo Financial Technologies and Technisys, which provide payment, account-management and other financial infrastructure to banks, fintech companies and other businesses.

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