Should You Consider Taking Profits From Your SoFi Technologies, Inc. (SOFI) Stake?

Baron Funds, an asset management firm, published its “Baron FinTech Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of 2.53% was delivered by the fund’s institutional shares for the fourth quarter of 2021, compared to its benchmarks, the S&P 500 Index, which appreciated 11.03%, and the FactSet Global FinTech Index which rose 7.68% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Baron FinTech Fund, in its Q4 2021 investor letter, mentioned SoFi Technologies, Inc. (NASDAQ:SOFI) and discussed its stance on the firm. Founded in 2011, SoFi Technologies, Inc. (NASDAQ:SOFI) is a San Francisco, California-based online personal finance company with a $6.5 billion market capitalization, and is currently spearheaded by its CEO, Anthony Noto. SoFi Technologies, Inc. (NASDAQ:SOFI) delivered a -48.13% return since the beginning of the year, while its 12-month returns are down by -55.56%. The stock closed at $8.20 per share on March 15, 2022.

Here is what Baron FinTech Fund has to say about SoFi Technologies, Inc. (NASDAQ:SOFI) in its Q4 2021 investor letter:

“During the quarter, the Fund initiated three new positions and exited five positions. Below we discuss some of our top net purchases and sales. We sold our position in SoFi Technologies, Inc. after a strong run due to concerns about intensifying competition and rising customer acquisition costs for consumer-facing FinTech companies.”

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Our calculations show that SoFi Technologies, Inc. (NASDAQ:SOFI) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. SoFi Technologies, Inc. (NASDAQ:SOFI) was in 24 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 33 funds in the previous quarter. SoFi Technologies, Inc. (NASDAQ:SOFI) delivered a -43.37% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on SoFi Technologies, Inc. (NASDAQ:SOFI) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.