Van ECK Associates Corp Sells 59,922 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Van ECK Associates Corp lessened its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 23.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 192,616 shares of the company's stock after selling 59,922 shares during the period. Van ECK Associates Corp's holdings in SoFi Technologies were worth $1,514,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position 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 valued at $29,000 after buying an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC acquired a new position in SoFi Technologies during the third quarter worth $39,000. GAMMA Investing LLC lifted its stake in shares of SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company's stock valued at $33,000 after buying an additional 1,981 shares in the last quarter. Gilliland Jeter Wealth Management LLC acquired a new position in shares of SoFi Technologies during the third quarter valued at about $47,000. Finally, Blue Trust Inc. increased its position in shares of SoFi Technologies by 783.5% during the second quarter. Blue Trust Inc. now owns 8,102 shares of the company's stock worth $59,000 after acquiring an additional 7,185 shares in the last quarter. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Stock Performance

SOFI traded down $0.31 during midday trading on Tuesday, reaching $13.80. The company had a trading volume of 36,530,922 shares, compared to its average volume of 47,449,750. SoFi Technologies, Inc. has a 12-month low of $6.01 and a 12-month high of $14.44. The business has a 50-day moving average price of $9.20 and a two-hundred day moving average price of $7.77. The stock has a market cap of $14.71 billion, a PE ratio of 138.90, a P/E/G ratio of 2.13 and a beta of 1.60. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88.

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

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares of the company's stock, valued at $1,290,472.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, 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 value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,636 shares of company stock valued at $904,677. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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