Van ECK Associates Corp Lowers Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Van ECK Associates Corp reduced its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 1.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,593 shares of the company’s stock after selling 2,997 shares during the period. Van ECK Associates Corp’s holdings in SoFi Technologies were worth $1,906,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC bought a new stake in SoFi Technologies during the fourth quarter valued at $27,000. Westside Investment Management Inc. grew its holdings in shares of SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares in the last quarter. CNB Bank purchased a new position in shares of SoFi Technologies during the fourth quarter worth about $50,000. Fortitude Family Office LLC bought a new position in shares of SoFi Technologies in the fourth quarter worth approximately $60,000. Finally, NBC Securities Inc. purchased a new stake in SoFi Technologies in the third quarter valued at approximately $61,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the transaction, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the sale, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anthony Noto bought 28,775 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were acquired at an average cost of $6.90 per share, with a total value of $198,547.50. Following the purchase, the chief executive officer now directly owns 8,033,369 shares of the company’s stock, valued at approximately $55,430,246.10. The disclosure for this purchase can be found here. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SOFI shares. The Goldman Sachs Group increased their price target on shares of SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $6.50 to $7.50 in a research note on Friday, April 5th. Jefferies Financial Group reduced their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Morgan Stanley restated an “underweight” rating and issued a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Performance

NASDAQ:SOFI opened at $7.05 on Thursday. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. SoFi Technologies, Inc. has a twelve month low of $4.45 and a twelve month high of $11.70. The stock has a market cap of $6.89 billion, a P/E ratio of -22.81 and a beta of 1.75. The firm’s fifty day simple moving average is $7.44 and its 200 day simple moving average is $7.84.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter in the previous year, the company earned ($0.05) earnings per share. SoFi Technologies’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.08 EPS for the current 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.