Quarry LP Reduces Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Quarry LP trimmed its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 47.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,625 shares of the company’s stock after selling 6,069 shares during the period. Quarry LP’s holdings in SoFi Technologies were worth $52,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after acquiring an additional 9,482,683 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of SoFi Technologies by 6.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock worth $75,737,000 after purchasing an additional 690,638 shares during the period. Marshall Wace LLP increased its holdings in shares of SoFi Technologies by 130.0% during the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of SoFi Technologies by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after purchasing an additional 87,097 shares during the period. Finally, Azora Capital LP boosted its holdings in SoFi Technologies by 8.8% during the third quarter. Azora Capital LP now owns 4,348,068 shares of the company’s stock worth $34,176,000 after buying an additional 352,901 shares in the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Stock Performance

NASDAQ:SOFI opened at $15.29 on Wednesday. The company’s 50-day moving average is $12.35 and its two-hundred day moving average is $8.96. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $16.61. 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 firm has a market capitalization of $16.59 billion, a price-to-earnings ratio of 152.90, a PEG ratio of 2.66 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $697.10 million for 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 quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) earnings per share. Analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SOFI shares. Bank of America reiterated an “underperform” rating and issued a $12.00 price objective on shares of SoFi Technologies in a research report on Monday. Jefferies Financial Group increased their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Mizuho boosted their price objective on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Needham & Company LLC increased their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.50.

Insider Activity

In related news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was 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 in the company, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,960,748 shares of company stock valued at $415,523,316. 2.60% of the stock is currently owned by company insiders.

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.