Prosperity Wealth Management Inc. Cuts Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Prosperity Wealth Management Inc. lessened its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI) by 11.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,050 shares of the company’s stock after selling 2,800 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in SoFi Technologies were worth $324,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in SOFI. Brooklyn Investment Group bought a new position in shares of SoFi Technologies in the third quarter worth approximately $28,000. FNY Investment Advisers LLC grew its holdings in SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after acquiring an additional 1,905 shares during the last quarter. SouthState Corp bought a new stake in SoFi Technologies in the 3rd quarter worth $67,000. Huntington National Bank increased its holdings in SoFi Technologies by 442.0% during the 3rd quarter. Huntington National Bank now owns 8,856 shares of the company’s stock valued at $70,000 after purchasing an additional 7,222 shares during the period. Finally, Balboa Wealth Partners bought a new position in SoFi Technologies during the 3rd quarter valued at approximately $82,000. 38.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Kelli Keough sold 8,914 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.59, for a total value of $138,969.26. Following the completion of the sale, the executive vice president now directly owns 187,725 shares of the company’s stock, valued at $2,926,632.75. This represents a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Eric Schuppenhauer bought 30,600 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were purchased at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the purchase, the executive vice president now owns 46,105 shares in the company, valued at $753,355.70. This represents a 197.36 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 92,004 shares of company stock valued at $1,459,060. 2.60% of the stock is owned by insiders.

SoFi Technologies Stock Up 5.9 %

SOFI stock opened at $11.92 on Thursday. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $18.42. The business has a fifty day moving average price of $15.00 and a 200-day moving average price of $12.79. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock has a market capitalization of $13.07 billion, a P/E ratio of 32.22, a P/E/G ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same quarter last year, the firm posted $0.04 earnings per share. Equities analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Bank of America reissued an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a research note on Monday, December 9th. Mizuho boosted their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Morgan Stanley upped their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. William Blair reiterated an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. upped their price target on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.50.

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.