SoFi Technologies Inc. [NASDAQ: SOFI] stock went on a downward path that fall over -0.29% on Friday, amounting to a one-week price decrease of less than -13.09%. The company report on December 15, 2021 that SoFi Technologies, Inc. Announces Completion of Redemption of Certain Outstanding Warrants.
SoFi Technologies, Inc. (NASDAQ: SOFI), (“SoFi” or “the Company”), a leading digital personal finance company, today announced the completion of the redemption of the outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated October 8, 2020, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, (the “Warrant Agreement”), as part of the units sold in the Company’s initial public offering (the “IPO”) and that remained outstanding at 5:00 p.m. New York City time on December 6, 2021 (the “Redemption Date”) for a redemption price of $0.10 per Public Warrant. In addition, the Company announced the completion of the redemption of the outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the “Private Warrants” and, together with the Public Warrants, the “Warrants”) on the same terms as the outstanding Public Warrants. The outstanding warrants to purchase shares of Common Stock that were issued in the Company’s business combination with Social Capital Hedosophia Holdings Corp. V on May 28, 2021 (the “Business Combination”) in respect of warrants to acquire Social Finance, Inc. Series H preferred stock (the “Series H Warrants”) remain outstanding and are not affected by the redemption of the Warrants.
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On November 4, 2021, the Company issued a press release stating that, pursuant to the terms of the Warrant Agreement, on the Redemption Date it would redeem all of the outstanding Warrants at a redemption price of $0.10 per Warrant. Of the 20,124,963 Public Warrants that were outstanding as of the closing of the Business Combination, 6,264,922 Public Warrants were exercised for cash at an exercise price of $11.50 per share of Common Stock and 13,193,604 Public Warrants were exercised on a cashless basis in exchange for an aggregate of 11,027,668 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing approximately 96.7% of the outstanding Public Warrants. In addition, of the 8,000,000 Private Warrants that were outstanding as of the closing of the Business Combination, 2,000,000 Private Warrants were exercised for cash at an exercise price of $11.50 per share of Common Stock and 6,000,000 Private Warrants were exercised on a cashless basis in exchange for an aggregate of 4,166,000 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing 100% of the outstanding Private Warrants. Total cash proceeds to the Company generated from exercises of the Warrants for cash were approximately $95.0 million. Following the Redemption Date, the Company had no Public Warrants or Private Warrants outstanding. The Company’s Series H Warrants remain outstanding and are not affected by the redemption of the Warrants.
Over the last 12 months, SOFI stock dropped by -26.68%. The one-year SoFi Technologies Inc. stock forecast points to a potential upside of 43.34. The average equity rating for SOFI stock is currently 1.90, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $11.12 billion, with 800.57 million shares outstanding and 632.82 million shares in the current float. Compared to the average trading volume of 31.41M shares, SOFI stock reached a trading volume of 28028873 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on SoFi Technologies Inc. [SOFI]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SOFI shares is $24.25 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SOFI stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Citigroup have made an estimate for SoFi Technologies Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 20, 2021. While these analysts kept the previous recommendation, Keefe Bruyette raised their target price to Mkt Perform. The new note on the price target was released on November 30, 2021, representing the official price target for SoFi Technologies Inc. stock. Previously, the target price had yet another raise to $25, while Morgan Stanley analysts kept a Overweight rating on SOFI stock.
The Average True Range (ATR) for SoFi Technologies Inc. is set at 1.03, with the Price to Sales ratio for SOFI stock in the period of the last 12 months amounting to 31.56. The Price to Book ratio for the last quarter was 2.59, with the Price to Cash per share for the same quarter was set at 0.86.
SOFI Stock Performance Analysis:
SoFi Technologies Inc. [SOFI] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -13.09. With this latest performance, SOFI shares dropped by -18.89% in over the last four-week period, additionally sinking by -16.32% over the last 6 months – not to mention a drop of -26.68% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SOFI stock in for the last two-week period is set at 35.64, with the RSI for the last a single of trading hit 32.65, and the three-weeks RSI is set at 37.92 for SoFi Technologies Inc. [SOFI]. The present Moving Average for the last 50 days of trading for this stock 17.80, while it was recorded at 14.47 for the last single week of trading, and 17.43 for the last 200 days.
Insight into SoFi Technologies Inc. Fundamentals:
Reflecting on the efficiency of the workforce at the company, SoFi Technologies Inc. [SOFI] managed to generate an average of -$25,560 per employee.
SOFI Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SOFI. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for SoFi Technologies Inc. go to 47.00%.
SoFi Technologies Inc. [SOFI] Insider Position Details
There are presently around $4,869 million, or 29.10% of SOFI stock, in the hands of institutional investors. The top three institutional holders of SOFI stocks are: SOFTBANK GROUP CORP with ownership of 117,795,933, which is approximately 0% of the company’s market cap and around 1.10% of the total institutional ownership; VANGUARD GROUP INC, holding 47,347,160 shares of the stock with an approximate value of $650.55 million in SOFI stocks shares; and SILVER LAKE GROUP, L.L.C., currently with $529.2 million in SOFI stock with ownership of nearly 0% of the company’s market capitalization.
Positions in SoFi Technologies Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 247 institutional holders increased their position in SoFi Technologies Inc. [NASDAQ:SOFI] by around 116,131,025 shares. Additionally, 95 investors decreased positions by around 78,393,425 shares, while 30 investors held positions by with 159,815,094 shares. The mentioned changes placed institutional holdings at 354,339,544 shares, according to the latest SEC report filing. SOFI stock had 145 new institutional investments in for a total of 73,465,422 shares, while 69 institutional investors sold positions of 58,792,104 shares during the same period.