Envestnet Asset Management Inc. Sells 59,676 Shares of 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. reduced its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 46.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC bought a new stake in shares of SoFi Technologies in the 4th quarter worth approximately $32,000. Garde Capital Inc. bought a new stake in shares of SoFi Technologies in the first quarter valued at $31,000. Elequin Capital LP grew its stake in shares of SoFi Technologies by 30.1% during the 4th quarter. Elequin Capital LP now owns 2,726 shares of the company's stock worth $42,000 after acquiring an additional 631 shares during the period. Legacy Investment Solutions LLC increased its holdings in SoFi Technologies by 116.3% in the 4th quarter. Legacy Investment Solutions LLC now owns 3,244 shares of the company's stock worth $48,000 after acquiring an additional 1,744 shares during the last quarter. Finally, Copia Wealth Management raised its stake in SoFi Technologies by 3,316.0% in the 1st quarter. Copia Wealth Management now owns 3,416 shares of the company's stock valued at $40,000 after acquiring an additional 3,316 shares during the period. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 66,847 shares of the business's 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 transaction, the chief technology officer owned 724,321 shares in the company, valued at $11,263,191.55. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Magdalena Yesil sold 87,140 shares of SoFi Technologies stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total value of $1,253,944.60. Following the sale, the director owned 289,258 shares of the company's stock, valued at approximately $4,162,422.62. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 273,181 shares of company stock worth $4,043,240. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on SOFI. Redburn Atlantic upgraded shares of SoFi Technologies to a "hold" rating in a research note on Friday. Rothschild & Co Redburn initiated coverage on shares of SoFi Technologies in a report on Friday. They set a "neutral" rating and a $20.50 target price on the stock. The Goldman Sachs Group started coverage on SoFi Technologies in a research report on Monday, July 14th. They issued a "neutral" rating and a $19.00 price target for the company. Truist Financial increased their price objective on SoFi Technologies from $14.00 to $20.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Finally, Stephens assumed coverage on SoFi Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $20.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, SoFi Technologies currently has a consensus rating of "Hold" and a consensus target price of $18.06.

SoFi Technologies Price Performance

SOFI traded up $0.58 during trading hours on Monday, hitting $21.81. The company's stock had a trading volume of 59,557,469 shares, compared to its average volume of 83,465,680. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $25.11. 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 business's 50-day moving average price is $17.77 and its 200-day moving average price is $14.89. The stock has a market cap of $24.11 billion, a price-to-earnings ratio of 45.44, a P/E/G ratio of 2.52 and a beta of 1.93.

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