Riggs Asset Managment Co. Inc. Boosts Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Riggs Asset Managment Co. Inc. lifted its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 258,933.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 101,023 shares of the company's stock after purchasing an additional 100,984 shares during the period. Riggs Asset Managment Co. Inc.'s holdings in SoFi Technologies were worth $1,175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SOFI. Vanguard Group Inc. lifted its holdings in 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 buying an additional 8,898,879 shares during the period. Two Sigma Advisers LP purchased a new position in SoFi Technologies in the fourth quarter valued at about $299,980,000. Geode Capital Management LLC raised its holdings in SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock worth $276,288,000 after purchasing an additional 315,899 shares in the last quarter. Norges Bank purchased a new stake in shares of SoFi Technologies during the fourth quarter valued at about $103,678,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SoFi Technologies by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,313,617 shares of the company's stock valued at $97,230,000 after buying an additional 167,780 shares in the last quarter. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Stock Performance

NASDAQ SOFI traded up $0.42 during trading hours on Friday, reaching $18.54. The stock had a trading volume of 44,667,703 shares, compared to its average volume of 52,372,471. SoFi Technologies, Inc. has a 52-week low of $6.01 and a 52-week high of $18.92. The stock has a fifty day moving average of $14.40 and a 200 day moving average of $14.03. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.80. The stock has a market cap of $20.49 billion, a P/E ratio of 45.21, a price-to-earnings-growth ratio of 3.15 and a beta of 1.91.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The business's quarterly revenue was up 32.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. Sell-side analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 66,847 shares of the firm's stock in a transaction dated 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 directly 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 this hyperlink. Also, EVP Kelli Keough sold 10,267 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.22, for a total value of $156,263.74. Following the completion of the sale, the executive vice president owned 255,467 shares in the company, valued at approximately $3,888,207.74. This represents a 3.86% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 274,095 shares of company stock valued at $3,939,168. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays boosted their price objective on shares of SoFi Technologies from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. JMP Securities initiated coverage on SoFi Technologies in a research report on Friday, April 25th. They set a "market outperform" rating and a $17.00 price target on the stock. UBS Group increased their price objective on SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Needham & Company LLC restated a "buy" rating and set a $20.00 target price on shares of SoFi Technologies in a research note on Wednesday, April 30th. Finally, Stephens initiated coverage on SoFi Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $20.00 target price on the stock. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, SoFi Technologies presently has an average rating of "Hold" and an average target price of $14.73.

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.