Norges Bank Makes New Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Norges Bank purchased a new position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,732,360 shares of the company's stock, valued at approximately $103,678,000. Norges Bank owned approximately 0.62% of SoFi Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its holdings in shares of SoFi Technologies by 1.6% in the third quarter. The Manufacturers Life Insurance Company now owns 267,956 shares of the company's stock valued at $2,106,000 after acquiring an additional 4,130 shares during the period. D.A. Davidson & CO. boosted its stake in SoFi Technologies by 3.9% during the 3rd quarter. D.A. Davidson & CO. now owns 87,664 shares of the company's stock worth $689,000 after purchasing an additional 3,322 shares during the period. FMR LLC grew its position in SoFi Technologies by 154.8% during the 3rd quarter. FMR LLC now owns 92,632 shares of the company's stock worth $728,000 after purchasing an additional 56,279 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in SoFi Technologies in the third quarter valued at $94,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of SoFi Technologies by 3.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 230,827 shares of the company's stock valued at $1,814,000 after buying an additional 7,928 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In other news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares of the company's stock, valued at $8,280,691.52. The trade was a 9.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kelli Keough sold 8,914 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $17.58, for a total transaction of $156,708.12. Following the sale, the executive vice president now owns 178,811 shares of the company's stock, valued at approximately $3,143,497.38. This represents a 4.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,905 shares of company stock worth $1,308,075 over the last three months. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of research reports. Keefe, Bruyette & Woods reissued an "underperform" rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. Citigroup upped their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Morgan Stanley increased their price target on SoFi Technologies from $7.50 to $13.00 and gave the stock an "underweight" rating in a report on Thursday, December 19th. Finally, UBS Group upped their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $12.50.

SoFi Technologies Price Performance

Shares of SOFI traded up $0.40 on Wednesday, reaching $12.31. The stock had a trading volume of 54,724,492 shares, compared to its average volume of 45,200,564. SoFi Technologies, Inc. has a twelve month low of $6.01 and a twelve month high of $18.42. The firm has a market capitalization of $13.50 billion, a PE ratio of 33.27, a PEG ratio of 2.24 and a beta of 1.79. The firm has a 50-day moving average of $14.10 and a 200 day moving average of $13.30. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period last year, the business earned $0.04 EPS. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

SoFi Technologies Company 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.