Hourglass Capital LLC Takes Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Hourglass Capital LLC bought a new position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 111,000 shares of the company’s stock, valued at approximately $734,000.

A number of other large investors have also bought and sold shares of the stock. Arizona State Retirement System boosted its position in shares of SoFi Technologies by 12.3% during the 2nd quarter. Arizona State Retirement System now owns 280,982 shares of the company’s stock worth $1,857,000 after purchasing an additional 30,672 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in SoFi Technologies by 6.9% in the second quarter. Victory Capital Management Inc. now owns 127,342 shares of the company’s stock worth $842,000 after acquiring an additional 8,267 shares in the last quarter. Hudock Inc. bought a new position in SoFi Technologies in the second quarter worth approximately $612,000. Founders Financial Securities LLC grew its stake in SoFi Technologies by 8.0% in the second quarter. Founders Financial Securities LLC now owns 27,060 shares of the company’s stock valued at $179,000 after acquiring an additional 2,000 shares during the period. Finally, Rhumbline Advisers raised its position in shares of SoFi Technologies by 5.7% during the second quarter. Rhumbline Advisers now owns 979,183 shares of the company’s stock worth $6,472,000 after purchasing an additional 53,124 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Barclays reduced their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods reduced their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. BTIG Research assumed coverage on shares of SoFi Technologies in a report on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and an average target price of $9.14.

Insider Buying and Selling at SoFi Technologies

In other news, CEO Anthony Noto bought 30,715 shares of the stock in a transaction on Friday, June 14th. The shares were purchased at an average cost of $6.48 per share, for a total transaction of $199,033.20. Following the completion of the purchase, the chief executive officer now directly owns 8,121,844 shares in the company, valued at approximately $52,629,549.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SoFi Technologies news, CEO Anthony Noto bought 30,715 shares of the business’s stock in a transaction on Friday, June 14th. The stock was purchased at an average price of $6.48 per share, for a total transaction of $199,033.20. Following the completion of the transaction, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at $52,629,549.12. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,921,285 shares of company stock valued at $135,057,462. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $7.38 on Friday. The company has a market capitalization of $7.80 billion, a P/E ratio of -23.42, a price-to-earnings-growth ratio of 1.62 and a beta of 1.70. The company’s 50-day moving average is $7.10 and its 200 day moving average is $7.22. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $10.49.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same period in the previous year, the company earned ($0.06) earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities research analysts forecast that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

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.