SoFi Technologies, Inc. (NASDAQ:SOFI) Position Lessened by Hourglass Capital LLC

Hourglass Capital LLC cut its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 41.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 65,000 shares of the company’s stock after selling 46,000 shares during the period. Hourglass Capital LLC’s holdings in SoFi Technologies were worth $511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in SoFi Technologies by 1.0% in the third quarter. Victory Capital Management Inc. now owns 128,661 shares of the company’s stock worth $1,011,000 after acquiring an additional 1,319 shares in the last quarter. Verus Capital Partners LLC bought a new stake in shares of SoFi Technologies during the 3rd quarter worth $149,000. Platform Technology Partners purchased a new position in SoFi Technologies in the 3rd quarter worth about $88,000. Harbour Investments Inc. boosted its holdings in shares of SoFi Technologies by 5.0% in the third quarter. Harbour Investments Inc. now owns 62,099 shares of the company’s stock worth $488,000 after buying an additional 2,985 shares during the period. Finally, Entropy Technologies LP increased its position in shares of SoFi Technologies by 52.0% in the third quarter. Entropy Technologies LP now owns 110,600 shares of the company’s stock worth $869,000 after acquiring an additional 37,833 shares in the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Stock Performance

SOFI opened at $13.50 on Thursday. The stock has a 50-day moving average of $9.44 and a 200-day moving average of $7.85. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.21 and a current ratio of 0.49. SoFi Technologies, Inc. has a 52-week low of $6.01 and a 52-week high of $14.44. The company has a market cap of $14.39 billion, a PE ratio of 135.01, a price-to-earnings-growth ratio of 2.30 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the firm posted ($0.03) earnings per share. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SOFI. Jefferies Financial Group boosted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group upped their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Needham & Company LLC raised 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. Barclays upped their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.32.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction 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 in the company, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 111,636 shares of company stock worth $904,677 over the last ninety days. Company insiders own 2.60% of the company’s stock.

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.