Mount Lucas Management LP Invests $920,000 in SoFi Technologies, Inc. (NASDAQ:SOFI)

Mount Lucas Management LP bought a new position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 117,000 shares of the company's stock, valued at approximately $920,000.

Several other hedge funds have also recently bought and sold shares of SOFI. Capital Performance Advisors LLP bought a new position in SoFi Technologies in the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased its stake in shares of SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company's stock valued at $29,000 after buying an additional 1,543 shares in the last quarter. GAMMA Investing LLC grew its position in shares of SoFi Technologies by 65.3% during 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 bought a new position in SoFi Technologies during the 3rd quarter worth approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in SoFi Technologies in the third quarter valued at approximately $47,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, EVP Kelli Keough sold 24,939 shares of the firm's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares in the company, valued at $830,594.82. This trade represents a 17.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeremy Rishel sold 68,081 shares of the company's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares of the company's stock, valued at $4,234,620.60. This represents a 11.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock worth $904,677 in the last 90 days. Corporate insiders own 2.60% of the company's stock.

SoFi Technologies Price Performance

Shares of SOFI traded up $0.23 during midday trading on Friday, reaching $13.63. The stock had a trading volume of 48,186,516 shares, compared to its average volume of 64,220,844. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $14.44. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.21. The company has a market capitalization of $14.53 billion, a P/E ratio of 136.31, a P/E/G ratio of 2.27 and a beta of 1.60. The firm's 50 day moving average price is $9.70 and its 200-day moving average price is $7.94.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $697.10 million during the quarter, compared to analysts' expectations of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm's revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) EPS. On average, analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal 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.