Envestnet Asset Management Inc. Lowers Stock Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in SoFi Technologies by 46.1%, now owning 69,718 shares worth approximately $811,000.
• Insider sales included EVP Kelli Keough selling 11,520 shares and CTO Jeremy Rishel selling 66,847 shares, indicating a decrease in their ownership.
• SoFi Technologies reported a 42.8% year-over-year revenue increase, but fell short of the revenue estimate, posting $519.37 million compared to the expected $801.94 million.

Envestnet Asset Management Inc. lessened its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 46.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,718 shares of the company's stock after selling 59,676 shares during the period. Envestnet Asset Management Inc.'s holdings in SoFi Technologies were worth $811,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CMG Global Holdings LLC increased its position in shares of SoFi Technologies by 77.8% during the first quarter. CMG Global Holdings LLC now owns 140,389 shares of the company's stock worth $1,728,000 after acquiring an additional 61,443 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock valued at $276,288,000 after purchasing an additional 315,899 shares in the last quarter. MFG Wealth Management Inc. boosted its position in shares of SoFi Technologies by 27.7% during the first quarter. MFG Wealth Management Inc. now owns 156,277 shares of the company's stock worth $1,818,000 after buying an additional 33,887 shares during the period. Sowell Financial Services LLC bought a new position in shares of SoFi Technologies during the first quarter worth about $259,000. Finally, Teacher Retirement System of Texas lifted its stake in SoFi Technologies by 36.2% in the 1st quarter. Teacher Retirement System of Texas now owns 247,693 shares of the company's stock valued at $2,881,000 after acquiring an additional 65,854 shares in the last quarter. Institutional investors own 38.43% of the company's stock.

Insiders Place Their Bets

In other SoFi Technologies news, Director Magdalena Yesil sold 87,140 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the sale, the director directly owned 289,258 shares of the company's stock, valued at $4,162,422.62. This trade represents a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelli Keough sold 11,520 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total value of $154,137.60. Following the completion of the sale, the executive vice president directly owned 203,509 shares in the company, 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 sold a total of 273,181 shares of company stock worth $4,043,240 over the last three months. 2.60% of the stock is currently owned by company insiders.

SoFi Technologies Trading Up 2.2%

Shares of SOFI stock traded up $0.48 during mid-day trading on Thursday, reaching $21.94. The stock had a trading volume of 43,359,893 shares, compared to its average volume of 60,467,383. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46. The stock's 50-day moving average price is $18.09 and its two-hundred day moving average price is $14.99. The firm has a market capitalization of $24.25 billion, a PE ratio of 45.60, a price-to-earnings-growth ratio of 2.66 and a beta of 1.93. SoFi Technologies, Inc. has a 52-week low of $6.41 and a 52-week high of $25.11.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $519.37 million for the quarter, compared to the consensus estimate of $801.94 million. SoFi Technologies had a return on equity of 4.51% and a net margin of 18.38%. The company's revenue for the quarter was up 42.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 earnings per share. Equities analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on SOFI shares. Rothschild & Co Redburn started coverage on SoFi Technologies in a research report on Friday, August 1st. They set a "neutral" rating and a $20.50 price target for the company. Stephens started coverage on shares of SoFi Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $20.00 price target for the company. Keefe, Bruyette & Woods raised their target price on shares of SoFi Technologies from $13.00 to $14.00 and gave the company an "underperform" rating in a research note on Tuesday. TD Cowen initiated coverage on SoFi Technologies in a research report on Friday, July 11th. They issued a "hold" rating and a $21.00 price objective for the company. Finally, Mizuho set a $26.00 target price on SoFi Technologies and gave the stock an "outperform" rating in a report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $18.29.

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.