CIBC Asset Management Inc Grows Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

CIBC Asset Management Inc raised its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,409 shares of the company’s stock after buying an additional 962 shares during the period. CIBC Asset Management Inc’s holdings in SoFi Technologies were worth $223,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of SOFI. OneDigital Investment Advisors LLC increased its position in shares of SoFi Technologies by 30.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 24,498 shares of the company’s stock valued at $193,000 after purchasing an additional 5,650 shares during the last quarter. Balboa Wealth Partners purchased a new stake in SoFi Technologies during the third quarter worth about $82,000. Oak Harbor Wealth Partners LLC raised its position in SoFi Technologies by 10.0% in the third quarter. Oak Harbor Wealth Partners LLC now owns 11,000 shares of the company’s stock worth $86,000 after acquiring an additional 1,000 shares during the period. Huntington National Bank raised its position in SoFi Technologies by 442.0% in the third quarter. Huntington National Bank now owns 8,856 shares of the company’s stock worth $70,000 after acquiring an additional 7,222 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in SoFi Technologies by 1.0% in the third quarter. Victory Capital Management Inc. now owns 128,661 shares of the company’s stock valued at $1,011,000 after acquiring an additional 1,319 shares during the last quarter. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Price Performance

SoFi Technologies stock opened at $15.60 on Friday. The business has a 50-day simple moving average of $10.44 and a 200 day simple moving average of $8.20. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $15.75. The stock has a market cap of $16.93 billion, a price-to-earnings ratio of 156.02, a PEG ratio of 2.40 and a beta of 1.60. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $631.59 million. During the same period in the prior year, the business earned ($0.03) earnings per share. SoFi Technologies’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SOFI shares. Needham & Company LLC lifted 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 boosted their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. The Goldman Sachs Group upped their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.80.

Insider Activity

In other news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the transaction, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. This represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction that occurred 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 transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 11.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,287 shares of company stock worth $863,250. 2.60% of the stock is currently owned by corporate insiders.

About SoFi Technologies

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.