Merit Financial Group LLC Boosts Stock Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Merit Financial Group LLC increased its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 65.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 31,172 shares of the company’s stock after acquiring an additional 12,383 shares during the quarter. Merit Financial Group LLC’s holdings in SoFi Technologies were worth $480,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of SoFi Technologies by 263.3% in 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 last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of SoFi Technologies by 7.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 70,401 shares of the company’s stock valued at $465,000 after purchasing an additional 4,661 shares during the period. Amalgamated Bank grew its stake in shares of SoFi Technologies by 10.7% during the second quarter. Amalgamated Bank now owns 58,529 shares of the company’s stock valued at $387,000 after acquiring an additional 5,661 shares in the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of SoFi Technologies by 33.4% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 102,103 shares of the company’s stock valued at $675,000 after purchasing an additional 25,583 shares in the last quarter. Finally, AE Wealth Management LLC increased its position in shares of SoFi Technologies by 12.5% in the 2nd quarter. AE Wealth Management LLC now owns 19,600 shares of the company’s stock worth $130,000 after purchasing an additional 2,176 shares during the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Up 2.5 %

SoFi Technologies stock opened at $18.03 on Friday. The company’s fifty day moving average price is $15.62 and its two-hundred day moving average price is $10.94. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. SoFi Technologies, Inc. has a one year low of $6.01 and a one year high of $18.21. The company has a market capitalization of $19.57 billion, a price-to-earnings ratio of 180.32, a PEG ratio of 1.21 and a beta of 1.78.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. 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. JPMorgan Chase & Co. upped their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. William Blair initiated coverage on SoFi Technologies in a research note on Wednesday, January 15th. They set an “outperform” rating for the company. The Goldman Sachs Group raised their price objective on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Bank of America reiterated an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and a consensus target price of $11.71.

Insider Activity

In other news, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total value of $156,708.12. Following the completion of the transaction, the executive vice president now owns 178,811 shares in the company, valued at approximately $3,143,497.38. The trade was a 4.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total value of $1,021,658.52. Following the completion of the sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. This trade represents a 9.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,008,870 shares of company stock valued at $416,950,073. 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.