A company insider recently sold 6,683,133 shares of SoFi Technologies Inc. [SOFI]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. SoFi Technologies Inc. shares valued at $54,601,197 were sold by SOFTBANK GROUP CORP on Aug 08. At $8.17 per share, SOFTBANK GROUP CORP sold 6,683,133 shares. The insider’s holdings dropped to 83,216,977 shares worth approximately $473.5 million following the completion of this transaction.


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Also, SOFTBANK GROUP CORP sold 5,381,785 shares, netting a total of over 43,000,462 in proceeds. Following the sale of shares at $7.99 each, the insider now holds 89,900,110 shares.

Before that, Noto Anthony had added 53,540 shares to its account. In a trade valued at $298,973, the Chief Executive Officer bought SoFi Technologies Inc. shares for $5.58 each. Upon closing the transaction, the insider’s holdings increased to 53,540 shares, worth approximately $20.3 million.

As published in a research note from BofA Securities on September 14, 2022, SoFi Technologies Inc. [SOFI] has been rated up from a Neutral to a Buy and the price target has been revised to $9 from $8. This represents a 36.78% premium over Wednesday’s closing price. Analysts at Seaport Research Partners started covering the stock with ‘”a Neutral”‘ outlook in a report released in early September. As of May 16, 2022, Piper Sandler has increased its “Neutral” rating to a “an Overweight” for SOFI. Earlier on April 05, 2022, MoffettNathanson initiated its rating. Their recommendation was “a Buy” for SOFI stock.

Analyzing SOFI’s Price Performance

On Wednesday, SoFi Technologies Inc. [NASDAQ: SOFI] plunged -3.40% to $5.69. The stock’s lowest price that day was $5.69, but it reached a high of $6.0396 in the same session. During the last five days, there has been a drop of approximately -7.78%. Over the course of the year, SoFi Technologies Inc. shares have dropped approximately -64.01%. Shares of the company reached a 52-week high of $16.47 on 01/20/22 and a 52-week low of $4.82 on 05/10/22. A 50-day SMA is recorded $6.55, while a 200-day SMA reached $8.95. Nevertheless, trading volume fell to 35.43 million shares from 27.28 million shares the previous day.

Support And Resistance Levels for SoFi Technologies Inc. (SOFI)

According to the 24-hour chart, there is a support level at 5.57, which, if violated, would cause prices to drop to 5.46. In the upper region, resistance lies at 5.92. The next price resistance is at 6.16. RSI (Relative Strength Index) is 40.99 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.12, which suggests the price will decrease in the coming days. Percent R is at 88.89%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is SoFi Technologies Inc. subject to short interest?

Stocks of SoFi Technologies Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 7.57 million shares to 139.3 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 131.73 million shares. A jump of 5.43% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.28 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.28.

Which companies own the most shares of SoFi Technologies Inc. (SOFI)?

According to The Vanguard Group, Inc. filings, the company currently owns 61,081,271 shares, which is about 6.62% of the total SOFI shares outstanding. The investor’s shares have appreciated by 10,799,611 from its previous 13-F filing of 50281660.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $169,537,807. A total of 4,134,113 shares of SoFi Technologies Inc. were bought by Geode Capital Management LLC during the quarter, and 398,463 were bought by Goldman Sachs & Co. LLC. In its current portfolio, GPI Capital LP holds 7,270,941 shares valued at $43.04 million.

In terms of SoFi Technologies Inc. share price expectations, FactSet research, analysts set an average price target of $8.46 in the next 12 months, up nearly 35.82% from the previous closing price of $5.89. Analysts anticipate SoFi Technologies Inc. stock to reach $11.00 by 2022, with the lowest price target being $7.00. In spite of this, 14 analysts ranked SoFi Technologies Inc. stock as an Overweight at the end of 2022. On March 16, 2022, Morgan Stanley assigned a price target of “an Equal-weight” to the stock and downgraded coverage with a $10.

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