Simplicity Wealth LLC Makes New Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Simplicity Wealth LLC purchased a new stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 229,303 shares of the company's stock, valued at approximately $2,667,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SOFI. Skandinaviska Enskilda Banken AB publ bought a new position in shares of SoFi Technologies in the fourth quarter worth approximately $27,000. Hollencrest Capital Management bought a new position in SoFi Technologies during the 4th quarter valued at approximately $31,000. Mpwm Advisory Solutions LLC purchased a new stake in SoFi Technologies in the 4th quarter worth approximately $32,000. IAG Wealth Partners LLC bought a new stake in shares of SoFi Technologies in the 4th quarter worth approximately $38,000. Finally, Elequin Capital LP grew its position in shares of SoFi Technologies by 30.1% in the 4th quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after buying an additional 631 shares during the last quarter. Institutional investors own 38.43% of the company's stock.

Wall Street Analyst Weigh In

SOFI has been the subject of a number of research analyst reports. Dbs Bank raised SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. Truist Financial initiated coverage on shares of SoFi Technologies in a report on Monday, June 2nd. They issued a "hold" rating and a $14.00 price objective for the company. Citizens Jmp initiated coverage on shares of SoFi Technologies in a research note on Friday, April 25th. They set an "outperform" rating and a $17.00 target price on the stock. UBS Group boosted their price target on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Finally, Barclays raised their price objective on shares of SoFi Technologies from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $14.36.

SoFi Technologies Stock Up 2.1%

SoFi Technologies stock traded up $0.29 during trading hours on Tuesday, hitting $14.39. The stock had a trading volume of 57,321,058 shares, compared to its average volume of 49,221,229. The stock's 50-day moving average price is $12.41 and its 200-day moving average price is $13.99. The stock has a market capitalization of $15.91 billion, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 2.24 and a beta of 1.82. SoFi Technologies, Inc. has a 12-month low of $6.01 and a 12-month high of $18.42. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $763.81 million during the quarter, compared to the consensus estimate of $739.93 million. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. The firm's quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. Equities research analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 11,181 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $10.71, for a total transaction of $119,748.51. Following the transaction, the executive vice president now owns 215,029 shares in the company, valued at $2,302,960.59. This represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jeremy Rishel sold 68,625 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the completion of the sale, the chief technology officer now owns 655,118 shares in the company, valued at $8,280,691.52. This represents a 9.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,507 shares of company stock worth $1,283,528. 2.60% of the stock is owned by corporate insiders.

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.