Townsquare Capital LLC Purchases 106,283 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Key Points

• Townsquare Capital LLC increased its stake in SoFi Technologies by 13.9% in Q1, holding approximately 871,680 shares valued at $10.1 million.
• Several analysts have revised their price targets for SoFi, with an average target of $18.29 and varying ratings from sell to strong buy.
• Insiders have recently sold a significant number of shares, with total insider sales amounting to 273,181 shares valued at over $4 million in the past ninety days.

Townsquare Capital LLC lifted its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 13.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 871,680 shares of the company's stock after purchasing an additional 106,283 shares during the quarter. Townsquare Capital LLC owned 0.08% of SoFi Technologies worth $10,138,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SOFI. Brighton Jones LLC grew 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 purchasing an additional 14,281 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of SoFi Technologies by 5.6% in the fourth quarter. Russell Investments Group Ltd. now owns 52,564 shares of the company's stock valued at $809,000 after purchasing an additional 2,774 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of SoFi Technologies in the fourth quarter valued at $323,000. Invesco Ltd. grew its holdings in shares of SoFi Technologies by 84.7% in the fourth quarter. Invesco Ltd. now owns 1,408,801 shares of the company's stock valued at $21,696,000 after purchasing an additional 645,994 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of SoFi Technologies in the fourth quarter valued at $14,420,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of SoFi Technologies from $13.00 to $14.00 and gave the stock an "underperform" rating in a research note on Tuesday. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Truist Financial set a $23.00 price objective on shares of SoFi Technologies in a research note on Monday, August 4th. Rothschild & Co Redburn initiated coverage on shares of SoFi Technologies in a research note on Friday, August 1st. They set a "neutral" rating and a $20.50 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on shares of SoFi Technologies in a research note on Monday, July 14th. They set a "neutral" rating and a $19.00 price objective for the company. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SoFi Technologies has a consensus rating of "Hold" and a consensus target price of $18.29.

SoFi Technologies Trading Up 0.1%

Shares of SOFI traded up $0.02 during trading hours on Friday, reaching $22.10. 49,006,309 shares of the company traded hands, compared to its average volume of 76,268,488. 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 fifty day moving average price is $18.45 and its 200 day moving average price is $15.03. The firm has a market cap of $24.43 billion, a price-to-earnings ratio of 46.04, a PEG ratio of 2.74 and a beta of 1.93. SoFi Technologies, Inc. has a 12-month low of $6.47 and a 12-month high of $25.11.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $519.37 million during 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 firm's quarterly revenue was up 42.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 earnings per share. Sell-side analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Activity at SoFi Technologies

In related news, Director Magdalena Yesil sold 87,140 shares of SoFi Technologies stock in a transaction dated 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 completion of the sale, the director directly owned 289,258 shares in the company, valued at $4,162,422.62. The trade was a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $15.55, for a total value 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 $11,263,191.55. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 273,181 shares of company stock worth $4,043,240 over the last three months. 2.60% of the stock is owned by corporate insiders.

SoFi Technologies Profile

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.