Truist Financial Corp Increases Stock Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Truist Financial Corp increased its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) by 15.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 130,771 shares of the company’s stock after acquiring an additional 17,767 shares during the period. Truist Financial Corp’s holdings in SoFi Technologies were worth $638,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NewSquare Capital LLC lifted its stake in shares of SoFi Technologies by 233.3% during the 2nd quarter. NewSquare Capital LLC now owns 5,000 shares of the company’s stock worth $26,000 after acquiring an additional 3,500 shares during the last quarter. TimeScale Financial Inc. lifted its stake in shares of SoFi Technologies by 75.1% during the 2nd quarter. TimeScale Financial Inc. now owns 5,380 shares of the company’s stock worth $28,000 after acquiring an additional 2,308 shares during the last quarter. US Bancorp DE lifted its stake in shares of SoFi Technologies by 197.0% during the 1st quarter. US Bancorp DE now owns 3,015 shares of the company’s stock worth $28,000 after acquiring an additional 2,000 shares during the last quarter. Emerald Advisers LLC bought a new stake in shares of SoFi Technologies during the 2nd quarter worth approximately $31,000. Finally, UMB Bank n.a. bought a new stake in shares of SoFi Technologies during the 2nd quarter worth approximately $33,000. 34.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SOFI. Piper Sandler decreased their target price on SoFi Technologies from $8.50 to $7.50 and set an “overweight” rating for the company in a research report on Thursday, December 15th. Morgan Stanley decreased their target price on SoFi Technologies from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Thursday, December 1st. JPMorgan Chase & Co. began coverage on SoFi Technologies in a research report on Tuesday, January 17th. They set a “neutral” rating and a $6.00 target price for the company. Mizuho decreased their target price on SoFi Technologies from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, November 23rd. Finally, Wedbush decreased their target price on SoFi Technologies from $8.00 to $6.00 and set an “outperform” rating for the company in a research report on Wednesday, November 23rd. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, SoFi Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

SoFi Technologies Trading Up 4.8 %

SOFI opened at $5.67 on Monday. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of -11.34 and a beta of 1.38. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.88. SoFi Technologies, Inc. has a 12 month low of $4.24 and a 12 month high of $14.98. The stock has a fifty day moving average price of $4.83 and a 200-day moving average price of $5.58.

SoFi Technologies (NASDAQ:SOFI – Get Rating) last announced its earnings results on Tuesday, November 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. The company had revenue of $423.99 million for the quarter, compared to analyst estimates of $390.96 million. SoFi Technologies had a negative return on equity of 7.85% and a negative net margin of 26.64%. As a group, equities research analysts anticipate that SoFi Technologies, Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, CEO Anthony Noto bought 132,600 shares of the stock in a transaction that occurred on Monday, December 12th. The stock was bought at an average cost of $4.29 per share, for a total transaction of $568,854.00. Following the purchase, the chief executive officer now directly owns 4,768,786 shares of the company’s stock, valued at $20,458,091.94. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 1,040,100 shares of company stock valued at $4,577,304 in the last three months. 13.00% of the stock is owned by insiders.

SoFi Technologies Profile

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SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.