Bank of New York Mellon Corp Grows Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Bank of New York Mellon Corp increased its position in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 1.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,261,225 shares of the company's stock after buying an additional 37,855 shares during the quarter. Bank of New York Mellon Corp owned 0.30% of SoFi Technologies worth $37,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of SoFi Technologies during the fourth quarter valued at approximately $27,000. Mpwm Advisory Solutions LLC purchased a new stake in SoFi Technologies in the fourth quarter worth $32,000. Garde Capital Inc. purchased a new stake in SoFi Technologies in the first quarter worth $31,000. Elequin Capital LP boosted its holdings in SoFi Technologies by 30.1% in the fourth quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after acquiring an additional 631 shares in the last quarter. Finally, Legacy Investment Solutions LLC boosted its holdings in SoFi Technologies by 116.3% in the fourth quarter. Legacy Investment Solutions LLC now owns 3,244 shares of the company's stock worth $48,000 after acquiring an additional 1,744 shares in the last quarter. Institutional investors own 38.43% of the company's stock.

Insiders Place Their Bets

In other news, Director Magdalena Yesil sold 87,140 shares of the firm's 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 completion of the sale, the director directly owned 289,258 shares of the company's stock, valued at $4,162,422.62. This trade represents a 23.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeremy Rishel sold 66,847 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.55, for a total value of $1,039,470.85. Following the sale, the chief technology officer directly owned 724,321 shares of the company's stock, valued at $11,263,191.55. This represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 274,095 shares of company stock worth $3,939,168 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

SoFi Technologies Stock Performance

SOFI stock traded up $0.43 during trading on Wednesday, reaching $21.39. The stock had a trading volume of 59,977,013 shares, compared to its average volume of 53,437,517. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $21.86. The stock's 50 day moving average is $15.65 and its two-hundred day moving average is $14.31. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46. The firm has a market cap of $23.64 billion, a PE ratio of 52.17, a PEG ratio of 3.51 and a beta of 1.91.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The company had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. During the same quarter in the prior year, the company earned $0.02 earnings per share. SoFi Technologies's revenue was up 32.7% on a year-over-year basis. As a group, equities analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of SoFi Technologies in a report on Wednesday, April 30th. Barclays boosted their target price on SoFi Technologies from $12.00 to $18.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. JMP Securities reissued a "market perform" rating and issued a $17.00 target price on shares of SoFi Technologies in a report on Monday. TD Cowen started coverage on SoFi Technologies in a report on Friday, July 11th. They set a "hold" rating and a $21.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price target on SoFi Technologies from $9.00 to $13.00 and gave the company an "underperform" rating in a report on Thursday, July 10th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, SoFi Technologies has a consensus rating of "Hold" and a consensus price target of $16.41.

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.