Hobbs Group Advisors LLC Sells 12,000 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Hobbs Group Advisors LLC reduced its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 19.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,000 shares of the company’s stock after selling 12,000 shares during the quarter. Hobbs Group Advisors LLC’s holdings in SoFi Technologies were worth $385,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SOFI. Dimensional Fund Advisors LP grew its stake in shares of SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after acquiring an additional 9,482,683 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after buying an additional 3,593,464 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of SoFi Technologies by 214.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after buying an additional 2,688,847 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of SoFi Technologies by 403.4% in the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock valued at $20,132,000 after buying an additional 2,440,745 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of SoFi Technologies in the 3rd quarter valued at approximately $16,014,000. 38.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on SOFI. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upped their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Bank of America reiterated an “underperform” rating and issued a $12.00 price target on shares of SoFi Technologies in a research note on Monday. Finally, Mizuho increased their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average price target of $10.50.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $15.29 on Wednesday. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $16.59 billion, a price-to-earnings ratio of 152.90, a P/E/G ratio of 2.66 and a beta of 1.77. The firm’s 50 day simple moving average is $12.35 and its 200 day simple moving average is $8.96. SoFi Technologies, Inc. has a 1 year low of $6.01 and a 1 year high of $16.61.

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

Insider Buying and Selling

In related news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $16.06, for a total value of $28,242,361.18. Following the completion of the transaction, the director now owns 482,083 shares of the company’s stock, valued at $7,742,252.98. This represents a 78.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,960,748 shares of company stock worth $415,523,316. Corporate insiders own 2.60% of the company’s stock.

About SoFi Technologies

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.