Axxcess Wealth Management LLC Decreases Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Axxcess Wealth Management LLC lowered its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 34.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,479 shares of the company’s stock after selling 8,703 shares during the period. Axxcess Wealth Management LLC’s holdings in SoFi Technologies were worth $130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in SoFi Technologies in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC lifted its stake in shares of SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after buying an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC acquired a new position in SoFi Technologies during the third quarter worth about $39,000. GAMMA Investing LLC grew its stake in SoFi Technologies by 65.3% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after acquiring an additional 1,981 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in SoFi Technologies in the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

Insider Activity at SoFi Technologies

In other news, EVP Kelli Keough sold 24,939 shares of SoFi Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares in the company, valued at approximately $830,594.82. This trade represents a 17.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 of the company’s stock, valued at approximately $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,636 shares of company stock worth $904,677. Corporate insiders own 2.60% of the company’s stock.

SoFi Technologies Stock Up 1.7 %

NASDAQ:SOFI opened at $13.63 on Friday. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $14.44. The stock’s fifty day moving average is $9.70 and its two-hundred day moving average is $7.93. The stock has a market capitalization of $14.53 billion, a price-to-earnings ratio of 136.30, a price-to-earnings-growth ratio of 2.25 and a beta of 1.60. The company has a quick ratio of 0.21, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Jefferies Financial Group boosted 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. Needham & Company LLC raised their target price on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Barclays raised their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their target price 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $9.32.

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.