Hsbc Holdings PLC Acquires 554,866 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Hsbc Holdings PLC grew its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI) by 337.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 719,243 shares of the company’s stock after purchasing an additional 554,866 shares during the quarter. Hsbc Holdings PLC owned approximately 0.07% of SoFi Technologies worth $4,715,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SOFI. ORG Partners LLC bought a new position in SoFi Technologies during the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC lifted its stake in SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after buying an additional 1,543 shares in the last quarter. SOA Wealth Advisors LLC. lifted its stake in SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after buying an additional 1,713 shares in the last quarter. GAMMA Investing LLC lifted its stake in SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in SoFi Technologies in the first quarter valued at approximately $37,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Down 1.1 %

Shares of SoFi Technologies stock opened at $7.83 on Wednesday. The firm has a 50-day moving average of $7.36 and a 200-day moving average of $7.15. The stock has a market cap of $8.28 billion, a PE ratio of -25.26, a PEG ratio of 1.48 and a beta of 1.70. SoFi Technologies, Inc. has a 52-week low of $6.01 and a 52-week high of $10.49. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. SoFi Technologies’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. BTIG Research started coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a report on Wednesday, July 31st. Barclays lowered their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.14.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. The disclosure for this sale can be found here. Insiders sold 102,328 shares of company stock valued at $808,246 over the last quarter. 2.60% of the stock is owned by company insiders.

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.