Prosperity Wealth Management Inc. Makes New $309,000 Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Prosperity Wealth Management Inc. bought a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI) in the 4th quarter, HoldingsChannel reports. The firm bought 31,050 shares of the company’s stock, valued at approximately $309,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Fairfield Bush & CO. lifted its holdings in SoFi Technologies by 41.6% in the first quarter. Fairfield Bush & CO. now owns 16,000 shares of the company’s stock valued at $151,000 after acquiring an additional 4,700 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of SoFi Technologies by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,266,962 shares of the company’s stock valued at $11,973,000 after purchasing an additional 22,288 shares during the last quarter. US Bancorp DE increased its position in shares of SoFi Technologies by 197.0% during the 1st quarter. US Bancorp DE now owns 3,015 shares of the company’s stock worth $28,000 after purchasing an additional 2,000 shares during the last quarter. Panagora Asset Management Inc. acquired a new position in SoFi Technologies in the first quarter valued at about $435,000. Finally, Cibc World Market Inc. boosted its stake in SoFi Technologies by 4.7% during the first quarter. Cibc World Market Inc. now owns 54,765 shares of the company’s stock worth $518,000 after buying an additional 2,454 shares during the period. 38.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated 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 of the company’s stock, valued at $2,706,968.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is owned by insiders.

SoFi Technologies Stock Performance

NASDAQ:SOFI traded down $0.02 during trading hours on Wednesday, reaching $7.18. 13,094,128 shares of the company’s stock were exchanged, compared to its average volume of 53,224,328. SoFi Technologies, Inc. has a 1-year low of $4.45 and a 1-year high of $11.70. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of -18.95 and a beta of 1.75. The company has a 50-day moving average of $7.77 and a 200 day moving average of $7.92.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The business had revenue of $615.40 million during the quarter, compared to the consensus estimate of $572.02 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The business’s quarterly revenue was up 34.7% compared to the same quarter last year. Research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Jefferies Financial Group dropped their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $6.50 to $7.50 in a research note on Friday, April 5th. Deutsche Bank Aktiengesellschaft assumed coverage on SoFi Technologies in a report on Wednesday, January 10th. They issued a “hold” rating and a $11.00 price objective on the stock. The Goldman Sachs Group raised their target price on SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, January 30th. Finally, Wedbush reiterated an “underperform” rating and set a $3.00 price target on shares of SoFi Technologies in a research note on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $9.08.

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.