Allworth Financial LP reduced its holdings in SoFi Technologies, Inc. (NASDAQ: SOFI) by 26.7% during the second quarter of 2023, as revealed in its latest filing with the Securities and Exchange Commission (SEC). Following the sale of 8,747 shares, the institutional investor now owns 24,033 shares, valued at approximately $438,000.
This divestment comes amid a backdrop of significant activity from other institutional investors. Notably, Nuveen LLC acquired a new position in SoFi Technologies, investing $47.6 million in the first quarter. Similarly, Mizuho Markets Cayman LP purchased a stake worth about $45.5 million during the second quarter.
Additionally, ARK Investment Management LLC increased its stake by 118.5%, bringing its total to 4,424,155 shares valued at $80.6 million. Meanwhile, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings by 58.3%, now owning 4,339,349 shares worth around $50.5 million. Notably, Valeo Financial Advisors LLC significantly expanded its position by 3,703.9%, acquiring 1,301,899 shares to achieve a total of 1,337,048 shares, valued at $24.3 million.
Analyst Ratings and Stock Performance
The stock has garnered attention from analysts, with several recent updates on its rating. Truist Financial raised its price target for SoFi Technologies from $29.00 to $31.00, maintaining a “hold” rating. Similarly, UBS Group increased its target from $20.50 to $27.50, providing a “neutral” rating.
Additional insights from The Goldman Sachs Group reflected an increased price objective from $24.00 to $27.00, also rating the stock as “neutral.” Currently, the average rating for SoFi Technologies is “Hold,” with a consensus price target of $25.06. Out of the analysts covering the stock, one has rated it as a Strong Buy, seven as Buy, twelve as Hold, and three as Sell.
Insider Trading Activity
In related news, insider trading activity has also been notable. Kelli Keough, Executive Vice President, sold 10,036 shares on October 20, 2023, at an average price of $28.33, totaling approximately $284,319.88. Following this transaction, Keough holds 275,374 shares, valued at about $7.8 million, reflecting a 3.52% reduction in her position.
Additionally, Jeremy Rishel, Chief Technology Officer, sold 98,733 shares on September 18, 2023, at an average price of $27.50, amounting to $2.7 million. After this sale, Rishel now holds 759,553 shares, valued at approximately $20.9 million, indicating an 11.50% decrease in his holdings. Over the past three months, corporate insiders have sold a total of 129,383 shares valued at around $3.5 million, while corporate insiders collectively own 2.60% of the company’s stock.
Current Stock Status and Financial Performance
As of October 30, 2023, SoFi Technologies’ stock opened at $27.82. The company has experienced a 12-month low of $8.60 and a high of $32.73. Its market capitalization stands at $33.55 billion, with a price-to-earnings ratio of 51.52 and a price-to-earnings-growth ratio of 2.71.
SoFi Technologies recently reported earnings results for the third quarter of 2023, announcing earnings per share (EPS) of $0.11, surpassing analysts’ expectations of $0.09 by $0.02. The company generated revenue of $949.63 million, significantly exceeding anticipated revenues of $880.33 million. Compared to the same period last year, SoFi’s quarterly revenue has risen by 37.7%, and it has set its fiscal year 2025 guidance at an EPS of $0.370.
SoFi Technologies, Inc. offers a wide range of financial services across the United States, Latin America, and Canada, operating through segments such as Lending, Technology Platform, and Financial Services. Its offerings enable members to borrow, save, spend, invest, and protect their finances effectively.
