ARK Investment Management LLC Purchases 1,160,125 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

ARK Investment Management LLC grew its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 143.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,970,742 shares of the company’s stock after acquiring an additional 1,160,125 shares during the period. ARK Investment Management LLC owned 0.21% of SoFi Technologies worth $19,609,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of SoFi Technologies by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock valued at $610,458,000 after acquiring an additional 2,567,797 shares during the last quarter. BlackRock Inc. raised its position in SoFi Technologies by 6.4% during the 2nd quarter. BlackRock Inc. now owns 38,122,793 shares of the company’s stock worth $317,944,000 after purchasing an additional 2,302,565 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new position in SoFi Technologies during the 4th quarter worth $83,643,000. State Street Corp raised its position in SoFi Technologies by 12.9% during the 2nd quarter. State Street Corp now owns 13,680,519 shares of the company’s stock worth $114,096,000 after purchasing an additional 1,567,782 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in SoFi Technologies by 6.9% during the 2nd quarter. Geode Capital Management LLC now owns 12,877,675 shares of the company’s stock worth $107,400,000 after purchasing an additional 826,000 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of the transaction, the chief technology officer now directly owns 390,616 shares in the company, valued at approximately $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. The Goldman Sachs Group raised their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Wedbush reiterated an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a report on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft initiated coverage on SoFi Technologies in a report on Wednesday, January 10th. They set a “hold” rating and a $11.00 price target for the company. Mizuho decreased 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. Finally, Morgan Stanley reiterated an “underweight” rating and set a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.97.

SoFi Technologies Stock Performance

SoFi Technologies stock opened at $7.36 on Thursday. SoFi Technologies, Inc. has a 52 week low of $4.45 and a 52 week high of $11.70. The company’s 50 day moving average price is $7.89 and its two-hundred day moving average price is $8.01. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Monday, January 29th. The company reported $0.02 EPS for the quarter. The company had revenue of $615.40 million for the quarter, compared to analysts’ expectations of $572.02 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. SoFi Technologies’s revenue was up 34.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. On average, research analysts predict that SoFi Technologies, Inc. will post 0.07 EPS for the current year.

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.