ARK Investment Management LLC Sells 7,366,793 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

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 cut its stake in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 78.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hazlett Burt & Watson Inc. lifted its stake in SoFi Technologies by 2,200.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company's stock worth $27,000 after purchasing an additional 2,200 shares during the last quarter. Garde Capital Inc. purchased a new stake in SoFi Technologies during the first quarter worth approximately $31,000. Mpwm Advisory Solutions LLC purchased a new stake in SoFi Technologies during the fourth quarter worth approximately $32,000. Larson Financial Group LLC lifted its stake in SoFi Technologies by 127.1% during the first quarter. Larson Financial Group LLC now owns 2,714 shares of the company's stock worth $32,000 after purchasing an additional 1,519 shares during the last quarter. Finally, MCF Advisors LLC lifted its stake in SoFi Technologies by 119.3% during the first quarter. MCF Advisors LLC now owns 3,072 shares of the company's stock worth $36,000 after purchasing an additional 1,671 shares during the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Stock Performance

Shares of NASDAQ SOFI traded up $2.59 during mid-day trading on Tuesday, hitting $23.61. The company had a trading volume of 155,904,919 shares, compared to its average volume of 58,764,332. The stock has a market cap of $26.10 billion, a price-to-earnings ratio of 57.68, a PEG ratio of 3.58 and a beta of 1.91. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $25.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The firm's 50 day simple moving average is $16.88 and its two-hundred day simple moving average is $14.66.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced 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 3.34% and a net margin of 17.21%. During the same quarter in the prior year, the company posted $0.01 EPS. The firm's revenue for the quarter was up 42.8% compared to the same quarter last year. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies 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 completion of the sale, the chief technology officer owned 724,321 shares of the company's stock, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelli Keough sold 11,520 shares of SoFi Technologies stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $13.38, for a total value of $154,137.60. Following the sale, the executive vice president directly owned 203,509 shares of the company's stock, valued at approximately $2,722,950.42. The trade was a 5.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 273,181 shares of company stock worth $4,043,240 in the last three months. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Citizens Jmp downgraded SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 14th. Needham & Company LLC restated a "buy" rating and issued a $20.00 price target on shares of SoFi Technologies in a research note on Wednesday, April 30th. Barclays boosted their target price on SoFi Technologies from $12.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. JMP Securities reissued a "market perform" rating and issued a $17.00 target price on shares of SoFi Technologies in a report on Monday, July 14th. Finally, UBS Group upped their target price on SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $16.78.

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.