Exchange Traded Concepts LLC Purchases Shares of 352,255 SoFi Technologies, Inc. $SOFI

Key Points

• Exchange Traded Concepts LLC acquired 352,255 shares of SoFi Technologies, valued at approximately $6.4 million, during the second quarter.
• The company recently reported $0.08 earnings per share, surpassing the consensus estimate, with a revenue of $519.37 million for the quarter.
• Several institutional investors, including Vanguard Group and Mitsubishi UFJ Asset Management, have increased their stakes in SoFi Technologies, with hedge funds owning 38.43% of the company's stock.

Exchange Traded Concepts LLC acquired a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 352,255 shares of the company's stock, valued at approximately $6,415,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wedmont Private Capital boosted its position in shares of SoFi Technologies by 4.3% during the second quarter. Wedmont Private Capital now owns 21,493 shares of the company's stock worth $435,000 after buying an additional 879 shares during the period. Bank of New Hampshire boosted its position in shares of SoFi Technologies by 33.3% during the first quarter. Bank of New Hampshire now owns 4,000 shares of the company's stock worth $47,000 after buying an additional 1,000 shares during the period. Vermillion & White Wealth Management Group LLC boosted its position in shares of SoFi Technologies by 16.7% during the first quarter. Vermillion & White Wealth Management Group LLC now owns 7,000 shares of the company's stock worth $81,000 after buying an additional 1,000 shares during the period. Arkadios Wealth Advisors boosted its position in shares of SoFi Technologies by 1.8% during the first quarter. Arkadios Wealth Advisors now owns 63,404 shares of the company's stock worth $737,000 after buying an additional 1,092 shares during the period. Finally, Signaturefd LLC boosted its position in shares of SoFi Technologies by 6.2% during the first quarter. Signaturefd LLC now owns 21,476 shares of the company's stock worth $250,000 after buying an additional 1,246 shares during the period. 38.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SOFI shares. Rothschild & Co Redburn started coverage on SoFi Technologies in a research report on Friday, August 1st. They issued a "neutral" rating and a $20.50 target price for the company. JMP Securities reiterated a "market perform" rating and set a $17.00 price objective on shares of SoFi Technologies in a research report on Monday, July 14th. Truist Financial set a $23.00 price target on shares of SoFi Technologies in a research note on Monday, August 4th. Morgan Stanley reaffirmed an "underweight" rating and issued a $13.00 price target (up from $11.00) on shares of SoFi Technologies in a research report on Wednesday, July 30th. Finally, Redburn Atlantic raised SoFi Technologies to a "hold" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $19.88.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 98,733 shares of the firm's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the completion of the transaction, the chief technology officer owned 759,553 shares of the company's stock, valued at approximately $20,887,707.50. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 10,036 shares of the firm's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $27.86, for a total transaction of $279,602.96. Following the transaction, the executive vice president directly owned 285,410 shares of the company's stock, valued at $7,951,522.60. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 129,614 shares of company stock worth $3,452,672 in the last 90 days. Company insiders own 2.60% of the company's stock.

SoFi Technologies Stock Performance

Shares of SOFI stock traded up $1.40 on Friday, reaching $29.51. The stock had a trading volume of 74,500,619 shares, compared to its average volume of 65,319,672. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average is $23.82 and its two-hundred day moving average is $17.12. The firm has a market capitalization of $35.34 billion, a price-to-earnings ratio of 61.48, a P/E/G ratio of 3.51 and a beta of 1.93. SoFi Technologies, Inc. has a 12 month low of $7.57 and a 12 month high of $29.63.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly 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 net margin of 18.38% and a return on equity of 4.44%. The firm had revenue of $519.37 million for the quarter, compared to analysts' expectations of $801.94 million. During the same period in the prior year, the firm earned $0.01 EPS. The business's revenue 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, research analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

About SoFi Technologies

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.