111,000 Shares in SoFi Technologies, Inc. (NASDAQ:SOFI) Purchased by Hourglass Capital LLC

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

Several other hedge funds have also recently bought and sold shares of SOFI. CIBC Private Wealth Group LLC grew its stake in shares of SoFi Technologies by 2.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock valued at $655,000 after acquiring an additional 1,498 shares in the last quarter. EP Wealth Advisors LLC increased its holdings in shares of SoFi Technologies by 0.4% during the fourth quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock worth $3,751,000 after purchasing an additional 1,508 shares during the period. Allspring Global Investments Holdings LLC raised its position 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 valued at $29,000 after buying an additional 1,543 shares in the last quarter. SOA Wealth Advisors LLC. raised its position in shares of SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after buying an additional 1,713 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Barclays lowered their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. BTIG Research started coverage on SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Keefe, Bruyette & Woods cut 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 research report on Tuesday, July 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Stock Performance

SoFi Technologies stock opened at $7.38 on Friday. The business has a 50 day moving average of $7.10 and a 200-day moving average of $7.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. SoFi Technologies, Inc. has a 1 year low of $6.01 and a 1 year high of $10.49. The company has a market capitalization of $7.80 billion, a P/E ratio of -23.42, a P/E/G ratio of 1.62 and a beta of 1.70.

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

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction 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 $2,906,704.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Insiders sold a total of 19,921,285 shares of company stock valued at $135,057,462 in the last three months. Insiders own 2.60% of the company’s stock.

SoFi Technologies 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.