Covenant Asset Management LLC Buys Shares of 81,700 SoFi Technologies, Inc. $SOFI

Covenant Asset Management LLC bought a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI) during the 3rd quarter, Holdings Channel reports. The fund bought 81,700 shares of the company’s stock, valued at approximately $2,159,000.

A number of other institutional investors and hedge funds have also modified their holdings of SOFI. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of SoFi Technologies by 12.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,879,959 shares of the company’s stock worth $88,864,000 after acquiring an additional 540,610 shares in the last quarter. Sullivan Wood Capital Management LLC bought a new stake in shares of SoFi Technologies in the second quarter worth $2,799,000. Blair William & Co. IL boosted its holdings in SoFi Technologies by 443.9% during the second quarter. Blair William & Co. IL now owns 335,698 shares of the company’s stock worth $6,113,000 after purchasing an additional 273,972 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in SoFi Technologies during the second quarter worth $209,000. Finally, Quantbot Technologies LP bought a new position in SoFi Technologies in the second quarter valued at $25,699,000. 38.43% of the stock is owned by institutional investors.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 91,837 shares of the stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $26.64, for a total transaction of $2,446,537.68. Following the transaction, the chief technology officer owned 794,598 shares in the company, valued at $21,168,090.72. This represents a 10.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,468 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $27.14, for a total transaction of $256,961.52. Following the completion of the sale, the executive vice president owned 312,948 shares of the company’s stock, valued at approximately $8,493,408.72. The trade was a 2.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 157,777 shares of company stock valued at $4,119,014 in the last quarter. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Stock Performance

Shares of NASDAQ SOFI opened at $25.64 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.80 and a quick ratio of 0.16. The firm has a market cap of $30.92 billion, a price-to-earnings ratio of 47.48, a P/E/G ratio of 1.60 and a beta of 1.92. The stock’s fifty day moving average price is $27.18 and its two-hundred day moving average price is $26.09. SoFi Technologies, Inc. has a one year low of $8.60 and a one year high of $32.73.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, October 28th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. SoFi Technologies had a net margin of 19.29% and a return on equity of 5.12%. The company had revenue of $949.63 million during the quarter, compared to analysts’ expectations of $880.33 million. During the same quarter in the previous year, the business posted $0.05 earnings per share. SoFi Technologies’s quarterly revenue was up 37.7% on a year-over-year basis. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. On average, equities analysts forecast that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on SOFI. Morgan Stanley boosted their price target on shares of SoFi Technologies from $13.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. JPMorgan Chase & Co. lifted their target price on SoFi Technologies from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, October 24th. Truist Financial reduced their price target on SoFi Technologies from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, November 25th. Bank of America initiated coverage on SoFi Technologies in a research note on Tuesday, January 6th. They issued an “underperform” rating and a $20.50 price target for the company. Finally, Citigroup boosted their price target on SoFi Technologies from $28.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.50.

About SoFi Technologies

SoFi Technologies, Inc (NASDAQ: SOFI) is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company’s core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.