Edgestream Partners L.P. Grows Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Edgestream Partners L.P. increased its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 55.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 404,277 shares of the company’s stock after purchasing an additional 144,139 shares during the quarter. Edgestream Partners L.P.’s holdings in SoFi Technologies were worth $3,178,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Captrust Financial Advisors raised its stake in SoFi Technologies by 2.8% during the third quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock valued at $233,000 after buying an additional 809 shares during the last quarter. Summit Trail Advisors LLC raised its stake in SoFi Technologies by 0.3% during the third quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company’s stock valued at $2,204,000 after buying an additional 855 shares during the last quarter. CIBC Asset Management Inc raised its stake in SoFi Technologies by 3.5% during the third quarter. CIBC Asset Management Inc now owns 28,409 shares of the company’s stock valued at $223,000 after buying an additional 962 shares during the last quarter. Oak Harbor Wealth Partners LLC raised its stake in SoFi Technologies by 10.0% during the third quarter. Oak Harbor Wealth Partners LLC now owns 11,000 shares of the company’s stock valued at $86,000 after buying an additional 1,000 shares during the last quarter. Finally, Stratos Wealth Advisors LLC raised its stake in SoFi Technologies by 3.3% during the third quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company’s stock valued at $256,000 after buying an additional 1,054 shares during the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

Insider Activity

In other news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the transaction, the executive vice president now owns 161,511 shares in the company, valued at $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,287 shares of company stock worth $863,250 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SOFI. Barclays lifted their price objective 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. Needham & Company LLC lifted their target price on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Jefferies Financial Group lifted their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Finally, The Goldman Sachs Group lifted their target price on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.80.

SoFi Technologies Stock Performance

NASDAQ:SOFI opened at $16.41 on Monday. The stock has a 50-day simple moving average of $11.23 and a two-hundred day simple moving average of $8.52. SoFi Technologies, Inc. has a 52-week low of $6.01 and a 52-week high of $16.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a market capitalization of $17.81 billion, a PE ratio of 164.10, a P/E/G ratio of 2.73 and a beta of 1.60.

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