ARK Investment Management LLC Sells 1,923,209 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

ARK Investment Management LLC trimmed its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 13.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,612,563 shares of the company's stock after selling 1,923,209 shares during the period. SoFi Technologies accounts for about 0.9% of ARK Investment Management LLC's holdings, making the stock its 27th biggest holding. ARK Investment Management LLC owned 1.18% of SoFi Technologies worth $99,135,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. ORG Partners LLC purchased a new stake in shares of SoFi Technologies in the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its stake in SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company's stock worth $29,000 after buying an additional 1,543 shares during the last quarter. GAMMA Investing LLC raised its position in shares of SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company's stock worth $33,000 after buying an additional 1,981 shares during the period. Waldron Private Wealth LLC acquired a new position in SoFi Technologies during the third quarter valued at approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of SoFi Technologies during the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 38.43% of the company's stock.

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares of the company's stock, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Kelli Keough sold 9,308 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,636 shares of company stock valued at $904,677. 2.60% of the stock is currently owned by corporate insiders.

SoFi Technologies Stock Up 9.3 %

SOFI traded up $1.11 during trading on Friday, hitting $13.01. 83,160,745 shares of the company's stock were exchanged, compared to its average volume of 47,225,809. The business's 50 day moving average is $8.98 and its two-hundred day moving average is $7.68. The stock has a market cap of $13.87 billion, a P/E ratio of 130.10, a PEG ratio of 1.79 and a beta of 1.60. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $13.01.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.79%. The firm's revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.03) earnings per share. As a group, equities analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SOFI shares. The Goldman Sachs Group increased their price objective on SoFi Technologies from $7.50 to $8.50 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Jefferies Financial Group raised their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, October 29th. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Barclays boosted their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Finally, Citigroup cut shares of SoFi Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies presently has a consensus rating of "Hold" and a consensus price target of $9.32.

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.