Prosperity Wealth Management Inc. Takes $309,000 Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Prosperity Wealth Management Inc. acquired a new position in SoFi Technologies, Inc. (NASDAQ:SOFI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 31,050 shares of the company’s stock, valued at approximately $309,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of SoFi Technologies by 3.5% during the third quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock valued at $610,458,000 after purchasing an additional 2,567,797 shares in the last quarter. BlackRock Inc. lifted its position in SoFi Technologies by 6.4% during the second quarter. BlackRock Inc. now owns 38,122,793 shares of the company’s stock valued at $317,944,000 after buying an additional 2,302,565 shares during the period. Moneta Group Investment Advisors LLC bought a new stake in shares of SoFi Technologies during the 4th quarter valued at $83,643,000. State Street Corp grew its position in shares of SoFi Technologies by 12.9% in the 2nd quarter. State Street Corp now owns 13,680,519 shares of the company’s stock worth $114,096,000 after buying an additional 1,567,782 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of SoFi Technologies by 4.2% in the 1st quarter. Geode Capital Management LLC now owns 12,051,675 shares of the company’s stock worth $73,154,000 after acquiring an additional 484,530 shares in the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Performance

NASDAQ SOFI traded down $0.02 during trading hours on Wednesday, hitting $7.18. 13,094,128 shares of the company’s stock traded hands, compared to its average volume of 53,224,328. SoFi Technologies, Inc. has a 52 week low of $4.45 and a 52 week high of $11.70. The firm has a market capitalization of $7.01 billion, a P/E ratio of -18.95 and a beta of 1.75. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. The business’s fifty day moving average price is $7.77 and its two-hundred day moving average price is $7.92.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The company had revenue of $615.40 million for the quarter, compared to the consensus estimate of $572.02 million. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. SoFi Technologies’s quarterly revenue was up 34.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) earnings per share. Equities research analysts predict that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the sale, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of SoFi Technologies in a research note on Wednesday, January 10th. They set a “hold” rating and a $11.00 price objective on the stock. Jefferies Financial Group cut their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $6.50 to $7.50 in a research report on Friday, April 5th. The Goldman Sachs Group boosted their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Finally, Mizuho reduced their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, January 18th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.08.

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.