MFG Wealth Management Inc. Purchases New Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

MFG Wealth Management Inc. acquired a new position in SoFi Technologies, Inc. (NASDAQ:SOFI) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 122,390 shares of the company’s stock, valued at approximately $1,885,000. SoFi Technologies accounts for about 1.7% of MFG Wealth Management Inc.’s portfolio, making the stock its 29th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC increased its holdings in SoFi Technologies by 727.1% during the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after acquiring an additional 1,905 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of SoFi Technologies during the third quarter worth approximately $27,000. Brooklyn Investment Group bought a new stake in SoFi Technologies in the third quarter worth $28,000. Waldron Private Wealth LLC purchased a new stake in SoFi Technologies during the 3rd quarter valued at about $39,000. Finally, AdvisorNet Financial Inc boosted its stake in shares of SoFi Technologies by 63.5% during the fourth quarter. AdvisorNet Financial Inc now owns 5,486 shares of the company’s stock valued at $84,000 after purchasing an additional 2,130 shares during the period. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

SoFi Technologies Price Performance

NASDAQ:SOFI opened at $14.77 on Thursday. The business’s 50-day moving average is $15.70 and its 200 day moving average is $11.80. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $18.42. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $16.03 billion, a P/E ratio of 39.92, a P/E/G ratio of 2.04 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period last year, the company earned $0.04 earnings per share. On average, equities research analysts forecast that SoFi Technologies, Inc. will post 0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Mizuho boosted their target price on SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. William Blair reiterated an “outperform” rating on shares of SoFi Technologies in a report on Friday, January 24th. The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Finally, Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and an average price target of $12.50.

Insider Activity

In other news, EVP Kelli Keough sold 9,590 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total value of $139,630.40. Following the sale, the executive vice president now directly owns 142,613 shares in the company, valued at approximately $2,076,445.28. This represents a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Eric Schuppenhauer acquired 30,600 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were acquired at an average price of $16.34 per share, with a total value of $500,004.00. Following the acquisition, the executive vice president now owns 46,105 shares in the company, valued at $753,355.70. This trade represents a 197.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 26,008,870 shares of company stock valued at $416,950,073. 2.60% of the stock is currently owned by company insiders.

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.