Connor Clark & Lunn Investment Management Ltd. Trims Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in SoFi Technologies by 41%, now owning approximately 1.61 million shares valued at $18.74 million.
• Analyst ratings for SoFi Technologies vary widely, with a consensus rating of "Hold" and an average price target of $18.29.
• SoFi Technologies reported earnings of $0.08 per share for the last quarter, exceeding expectations, however, revenue was significantly below analyst estimates at $519.37 million.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 41.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,611,700 shares of the company's stock after selling 1,118,050 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of SoFi Technologies worth $18,744,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SOFI. Vanguard Group Inc. grew its holdings in SoFi Technologies by 1.1% during the 1st 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 in the last quarter. Two Sigma Advisers LP bought a new position in shares of SoFi Technologies in the fourth quarter valued at approximately $299,980,000. Charles Schwab Investment Management Inc. grew its stake in SoFi Technologies by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,472,726 shares of the company's stock valued at $75,278,000 after acquiring an additional 159,109 shares in the last quarter. Northern Trust Corp grew its stake in SoFi Technologies by 22.7% during the fourth quarter. Northern Trust Corp now owns 6,052,301 shares of the company's stock valued at $93,205,000 after acquiring an additional 1,121,550 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in SoFi Technologies during the 4th quarter worth approximately $75,139,000. Hedge funds and other institutional investors own 38.43% of the company's stock.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the completion of the sale, the chief technology officer owned 724,321 shares of the company's stock, valued at $11,263,191.55. This represents a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Magdalena Yesil sold 87,140 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the completion of the sale, the director directly owned 289,258 shares in the company, valued at approximately $4,162,422.62. This trade represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 273,181 shares of company stock worth $4,043,240. Insiders own 2.60% of the company's stock.

SoFi Technologies Trading Up 0.1%

NASDAQ SOFI traded up $0.02 during trading on Friday, hitting $22.10. 49,006,309 shares of the company's stock traded hands, compared to its average volume of 74,107,504. The stock has a fifty day moving average of $18.45 and a two-hundred day moving average of $15.01. SoFi Technologies, Inc. has a 12-month low of $6.47 and a 12-month high of $25.11. The firm has a market cap of $24.43 billion, a P/E ratio of 46.04, a PEG ratio of 2.74 and a beta of 1.93. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14.

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

Analysts Set New Price Targets

A number of research analysts have recently commented on SOFI shares. Needham & Company LLC boosted their price target on shares of SoFi Technologies from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Cowen started coverage on SoFi Technologies in a research report on Friday, July 11th. They set a "hold" rating for the company. TD Cowen began coverage on SoFi Technologies in a report on Friday, July 11th. They issued a "hold" rating and a $21.00 price target on the stock. Truist Financial set a $23.00 price target on SoFi Technologies in a research report on Monday, August 4th. Finally, Rothschild & Co Redburn began coverage on shares of SoFi Technologies in a research report on Friday, August 1st. They issued a "neutral" rating and a $20.50 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $18.29.

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.