SoFi Technologies, Inc. (NASDAQ:SOFI) Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC significantly reduced its stake in SoFi Technologies, selling 7.37 million shares, which represents a 78.4% decrease in its holdings during the first quarter.
• SoFi Technologies reported a net revenue increase of 32.7% year-over-year, achieving $763.81 million, and exceeded earnings estimates with $0.06 earnings per share.
• Several institutional investors, including Vanguard Group and Mitsubishi UFJ Asset Management, increased their stakes, highlighting ongoing interest in SoFi despite mixed analyst ratings.

ARK Investment Management LLC reduced its position in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 78.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,024,409 shares of the company's stock after selling 7,366,793 shares during the quarter. ARK Investment Management LLC owned about 0.18% of SoFi Technologies worth $23,544,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SOFI. Brighton Jones LLC boosted its holdings in shares of SoFi Technologies by 2.0% in the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company's stock valued at $11,077,000 after acquiring an additional 14,281 shares during the period. American Century Companies Inc. raised its stake in shares of SoFi Technologies by 5.7% during the fourth quarter. American Century Companies Inc. now owns 289,198 shares of the company's stock worth $4,454,000 after purchasing an additional 15,672 shares during the last quarter. Sei Investments Co. raised its stake in shares of SoFi Technologies by 14.3% during the fourth quarter. Sei Investments Co. now owns 63,206 shares of the company's stock worth $973,000 after purchasing an additional 7,884 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of SoFi Technologies by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock worth $1,514,390,000 after purchasing an additional 8,898,879 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of SoFi Technologies by 123.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,740,628 shares of the company's stock worth $40,671,000 after purchasing an additional 1,512,326 shares during the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Trading Down 1.4%

Shares of SOFI stock opened at $21.20 on Friday. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $22.74. The stock has a market cap of $23.43 billion, a P/E ratio of 51.71, a P/E/G ratio of 3.63 and a beta of 1.91. The business has a fifty day simple moving average of $16.73 and a 200-day simple moving average of $14.61. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.46.

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 analysts' consensus estimates of $0.03 by $0.03. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The business had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. During the same quarter last year, the business posted $0.02 earnings per share. The business's revenue for the quarter was up 32.7% on a year-over-year basis. On average, analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SOFI shares. JMP Securities restated a "market perform" rating and set a $17.00 price target on shares of SoFi Technologies in a research note on Monday, July 14th. Stephens initiated coverage on SoFi Technologies in a research note on Thursday, June 12th. They set an "overweight" rating and a $20.00 price target for the company. Keefe, Bruyette & Woods increased their price objective on SoFi Technologies from $9.00 to $13.00 and gave the stock an "underperform" rating in a research report on Thursday, July 10th. Cowen initiated coverage on SoFi Technologies in a research report on Friday, July 11th. They issued a "hold" rating for the company. Finally, Citizens Jmp cut SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, SoFi Technologies presently has a consensus rating of "Hold" and a consensus target price of $16.78.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the sale, the chief technology officer owned 724,321 shares of the company's stock, valued at $11,263,191.55. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 10,267 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $21.80, for a total value of $223,820.60. Following the sale, the executive vice president directly owned 245,200 shares in the company, valued at approximately $5,345,360. The trade was a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,181 shares of company stock valued at $4,043,240 over the last quarter. Insiders own 2.60% of the company's stock.

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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