Merit Financial Group LLC Acquires 12,383 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Merit Financial Group LLC grew its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 65.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,172 shares of the company’s stock after buying an additional 12,383 shares during the period. Merit Financial Group LLC’s holdings in SoFi Technologies were worth $480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Captrust Financial Advisors raised its holdings in SoFi Technologies by 2.8% during the 3rd quarter. Captrust Financial Advisors now owns 29,639 shares of the company’s stock valued at $233,000 after buying an additional 809 shares during the period. Summit Trail Advisors LLC boosted its stake in shares of SoFi Technologies by 0.3% during the third quarter. Summit Trail Advisors LLC now owns 280,464 shares of the company’s stock valued at $2,204,000 after purchasing an additional 855 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of SoFi Technologies by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 28,409 shares of the company’s stock worth $223,000 after acquiring an additional 962 shares in the last quarter. Oak Harbor Wealth Partners LLC lifted its stake in shares of SoFi Technologies by 10.0% during the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 11,000 shares of the company’s stock worth $86,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Procyon Advisors LLC boosted its holdings in shares of SoFi Technologies by 8.0% in the 4th quarter. Procyon Advisors LLC now owns 13,497 shares of the company’s stock valued at $208,000 after buying an additional 1,000 shares in the last quarter. 38.43% of the stock is owned by institutional investors.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, Director Bashir Ruzwana sold 52,000 shares of SoFi Technologies stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $16.02, for a total transaction of $833,040.00. Following the transaction, the director now owns 25,937 shares of the company’s stock, valued at $415,510.74. The trade was a 66.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $16.03, for a total transaction of $386,417,705.24. The disclosure for this sale can be found here. In the last three months, insiders sold 26,008,870 shares of company stock valued at $416,950,073. Insiders own 2.60% of the company’s stock.

SoFi Technologies Trading Up 2.5 %

Shares of SOFI stock opened at $18.03 on Friday. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $18.21. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The company has a 50-day moving average of $15.62 and a two-hundred day moving average of $10.94. The firm has a market cap of $19.57 billion, a PE ratio of 180.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $697.10 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned ($0.03) EPS. On average, analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SOFI. Citigroup raised their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Mizuho boosted their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC upped their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley upped their target price on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.71.

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.