Belmont Capital LLC Reduces Stock Holdings in SoFi Technologies, Inc. $SOFI

Key Points

• Belmont Capital LLC reduced its position in SoFi Technologies by 42.2%, owning 140,000 shares valued at approximately $1.63 million after selling over 102,000 shares in the first quarter.
• SoFi Technologies' stock opened at $24.91 and has a market capitalization of $29.83 billion, with a one-year price range between $6.75 and $26.60.
• Equities research analysts are bullish, with Citigroup raising its price target for SoFi shares from $18.00 to $28.00 and maintaining a "buy" rating.

Belmont Capital LLC decreased its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 42.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,000 shares of the company's stock after selling 102,350 shares during the quarter. SoFi Technologies comprises about 0.3% of Belmont Capital LLC's portfolio, making the stock its 29th biggest holding. Belmont Capital LLC's holdings in SoFi Technologies were worth $1,628,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SOFI. Vanguard Group Inc. lifted its position in SoFi Technologies by 1.1% in the first quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company's stock valued at $1,156,805,000 after buying an additional 1,130,250 shares during the last quarter. CMG Global Holdings LLC increased its stake in SoFi Technologies by 77.8% during the first quarter. CMG Global Holdings LLC now owns 140,389 shares of the company's stock worth $1,728,000 after purchasing an additional 61,443 shares during the period. Nicholas Wealth LLC. purchased a new stake in shares of SoFi Technologies during the first quarter worth approximately $993,000. Quantitative Investment Management LLC purchased a new stake in shares of SoFi Technologies during the first quarter worth approximately $2,862,000. Finally, Sierra Summit Advisors LLC purchased a new position in SoFi Technologies in the first quarter valued at approximately $9,715,000. Hedge funds and other institutional investors own 38.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SOFI shares. JPMorgan Chase & Co. increased their price target on shares of SoFi Technologies from $22.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. JMP Securities reissued a "market perform" rating and issued a $17.00 price objective on shares of SoFi Technologies in a report on Monday, July 14th. Citizens Jmp downgraded SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 14th. Mizuho set a $26.00 price objective on SoFi Technologies and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, The Goldman Sachs Group began coverage on SoFi Technologies in a report on Monday, July 14th. They issued a "neutral" rating and a $19.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $19.35.

Insiders Place Their Bets

In other SoFi Technologies news, Director Magdalena Yesil sold 87,140 shares of the firm's stock in a transaction dated 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 directly 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 is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 66,847 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief technology officer directly owned 724,321 shares in the company, valued at approximately $11,263,191.55. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,099 shares of company stock valued at $2,907,591. Insiders own 2.60% of the company's stock.

SoFi Technologies Price Performance

Shares of SOFI stock traded up $0.89 during mid-day trading on Thursday, reaching $25.38. The stock had a trading volume of 51,360,292 shares, compared to its average volume of 63,606,028. SoFi Technologies, Inc. has a 12-month low of $6.75 and a 12-month high of $26.60. The company has a market cap of $30.39 billion, a P/E ratio of 52.88, a price-to-earnings-growth ratio of 2.90 and a beta of 1.93. The business has a 50-day simple moving average of $22.11 and a 200 day simple moving average of $16.16. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.57.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%.The business had revenue of $519.37 million during the quarter, compared to analysts' expectations of $801.94 million. During the same quarter last year, the business posted $0.01 earnings per share. The business's revenue for the quarter was up 42.8% on a year-over-year basis. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. On average, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

SoFi Technologies Company 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.