The Swiss National Bank recently announced a reduction in its holdings of SoFi Technologies, Inc., with a decrease of 10.1% during the first quarter of this year. According to the bank’s most recent 13F filing with the Securities and Exchange Commission (SEC), it now owns 1,301,900 shares of the company’s stock, following the sale of 145,800 shares.
At the end of the most recent quarter, Swiss National Bank’s ownership of SoFi Technologies amounted to approximately 0.14% and had an estimated value of $7,903,000. This move indicates a strategic decision made by one of Switzerland’s key financial institutions regarding their portfolio composition.
SoFi Technologies (NASDAQ:SOFI) released its quarterly earnings results on July 31st. The company reported earnings per share (EPS) of ($0.06) for the quarter, surpassing market expectations by $0.01. It is noteworthy that despite reporting a negative return on equity of 3.76% and a negative net margin of 10.38%, SoFi Technologies still managed to outperform projections.
With revenue amounting to $488.80 million in the second quarter compared to analysts’ expectations of $473.94 million, SoFi Technologies experienced an impressive year-over-year increase of 37.3%. These positive results indicate that the company has been able to generate significant growth over time.
Industry experts predict that SoFi Technologies will post further improvement with an estimated -0.21 earnings per share for the full current fiscal year based on sell-side analysis.
Swiss National Bank’s decision to reduce its holdings in SoFi Technologies underscores the dynamic nature of investment strategies pursued by institutional investors such as central banks and highlights their constant assessment and reshuffling of assets within their portfolios.
It remains to be seen how this reduction in holdings by Swiss National Bank will impact SoFi Technologies going forward. Investors will be closely monitoring the company’s performance and subsequent financial reports to gauge its stability and growth potential.
Please note that this article reflects data available as of August 28, 2023, and market conditions may have changed since then.
Source: Best Stocks