Brookstone Capital Management Makes New Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Brookstone Capital Management acquired a new position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 60,703 shares of the company’s stock, valued at approximately $401,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of SoFi Technologies by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock worth $604,632,000 after buying an additional 1,366,271 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after buying an additional 6,870,610 shares during the period. Nikko Asset Management Americas Inc. grew its position in shares of SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares during the period. Norges Bank acquired a new position in shares of SoFi Technologies during the 4th quarter worth about $71,349,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SoFi Technologies by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock worth $54,659,000 after buying an additional 199,949 shares during the period. 38.43% of the stock is owned by institutional investors.

Insider Transactions at SoFi Technologies

In related news, CEO Anthony Noto acquired 28,900 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were bought at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other SoFi Technologies news, CEO Anthony Noto purchased 28,900 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the purchase, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Trading Up 6.6 %

Shares of SoFi Technologies stock opened at $7.46 on Tuesday. SoFi Technologies, Inc. has a 12-month low of $6.01 and a 12-month high of $10.49. The stock has a market cap of $7.89 billion, a P/E ratio of -24.06, a P/E/G ratio of 1.45 and a beta of 1.70. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $6.83 and its 200-day moving average is $7.25.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. SoFi Technologies had a positive return on equity of 2.30% and a negative net margin of 5.15%. The company had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the prior year, the business posted ($0.06) EPS. The business’s revenue was up 20.2% compared to the same quarter last year. Equities research analysts predict that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SOFI. Wedbush restated an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods decreased their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Wednesday, July 31st. Barclays decreased their price objective on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Finally, BTIG Research began coverage on SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.20.

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.