Balboa Wealth Partners Invests $82,000 in SoFi Technologies, Inc. (NASDAQ:SOFI)

Balboa Wealth Partners acquired a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI) during the third quarter, HoldingsChannel reports. The fund acquired 10,450 shares of the company’s stock, valued at approximately $82,000.

Several other large investors have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. bought a new stake in shares of SoFi Technologies in the first quarter valued at approximately $79,000. Empowered Funds LLC increased its stake in SoFi Technologies by 22.2% in the first quarter. Empowered Funds LLC now owns 47,854 shares of the company’s stock valued at $349,000 after acquiring an additional 8,707 shares during the last quarter. QRG Capital Management Inc. raised its position in SoFi Technologies by 4.0% during the first quarter. QRG Capital Management Inc. now owns 53,849 shares of the company’s stock valued at $393,000 after purchasing an additional 2,095 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of SoFi Technologies by 341.0% during the 1st quarter. Russell Investments Group Ltd. now owns 43,624 shares of the company’s stock worth $318,000 after buying an additional 33,732 shares during the last quarter. Finally, US Bancorp DE grew its holdings in shares of SoFi Technologies by 203.5% during the 1st quarter. US Bancorp DE now owns 60,763 shares of the company’s stock valued at $444,000 after purchasing an additional 40,743 shares during the last quarter. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $13.63 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.21. The firm has a 50-day moving average of $9.70 and a 200-day moving average of $7.93. SoFi Technologies, Inc. has a one year low of $6.01 and a one year high of $14.44. The company has a market cap of $14.53 billion, a P/E ratio of 136.30, a P/E/G ratio of 2.25 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $697.10 million for 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%. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) EPS. Equities research analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 5.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 11.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,636 shares of company stock valued at $904,677 over the last ninety days. 2.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SOFI has been the subject of several research reports. Barclays increased their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group upped their price target on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Needham & Company LLC raised their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, The Goldman Sachs Group lifted their price objective on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research 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 issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.32.

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.