Pinnacle Associates Ltd. Has $643,000 Stock Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Key Points

• Pinnacle Associates Ltd. increased its stake in SoFi Technologies, Inc. by 31.2% in the first quarter, owning 55,313 shares valued at $643,000.
• Institutional investors control 38.43% of SoFi Technologies' shares, with notable increases in holdings from firms like Burney Co. and Oak Thistle LLC.
• SoFi Technologies recently received mixed analyst ratings, with a consensus rating of "Hold" and a target price averaging $16.78, while the stock trades at approximately $21.20.

Pinnacle Associates Ltd. grew its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 31.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,313 shares of the company's stock after purchasing an additional 13,140 shares during the quarter. Pinnacle Associates Ltd.'s holdings in SoFi Technologies were worth $643,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AE Wealth Management LLC grew its stake in shares of SoFi Technologies by 20.7% in the first quarter. AE Wealth Management LLC now owns 18,106 shares of the company's stock valued at $211,000 after buying an additional 3,105 shares in the last quarter. Burney Co. lifted its stake in SoFi Technologies by 44.2% in the first quarter. Burney Co. now owns 146,579 shares of the company's stock valued at $1,705,000 after acquiring an additional 44,900 shares during the last quarter. M1 Capital Management LLC bought a new position in shares of SoFi Technologies in the 1st quarter valued at about $133,000. Triumph Capital Management grew its position in shares of SoFi Technologies by 7.1% in the 1st quarter. Triumph Capital Management now owns 74,407 shares of the company's stock valued at $865,000 after acquiring an additional 4,961 shares during the period. Finally, Oak Thistle LLC increased its stake in shares of SoFi Technologies by 354.4% during the 1st quarter. Oak Thistle LLC now owns 116,901 shares of the company's stock worth $1,360,000 after purchasing an additional 91,176 shares during the last quarter. Institutional investors own 38.43% of the company's stock.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 11,520 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $13.38, for a total transaction of $154,137.60. Following the sale, the executive vice president directly owned 203,509 shares in the company, valued at $2,722,950.42. This represents a 5.36% decrease in their ownership of the stock. 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 dated Tuesday, June 10th. The shares were sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the completion of the transaction, the director directly owned 289,258 shares in the company, valued at approximately $4,162,422.62. This represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 273,181 shares of company stock valued at $4,043,240 over the last quarter. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several recent analyst reports. TD Cowen initiated coverage on shares of SoFi Technologies in a research note on Friday, July 11th. They issued a "hold" rating and a $21.00 target price for the company. Barclays upped their price objective on SoFi Technologies from $12.00 to $18.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of SoFi Technologies in a research note on Wednesday, April 30th. JMP Securities restated a "market perform" rating and issued a $17.00 price target on shares of SoFi Technologies in a research note on Monday, July 14th. Finally, Cowen started coverage on SoFi Technologies in a report on Friday, July 11th. They set a "hold" rating for the company. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, SoFi Technologies has a consensus rating of "Hold" and a consensus target price of $16.78.

SoFi Technologies Stock Down 1.4%

Shares of SOFI opened at $21.20 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $22.74. The firm's 50 day moving average is $16.73 and its 200-day moving average is $14.62. The stock has a market capitalization of $23.43 billion, a PE ratio of 51.71, a P/E/G ratio of 3.58 and a beta of 1.91.

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

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