Ark Invest’s Fintech Innovation ETF boosted its holding in SoFi Technologies (SOFI) – Get Free Report by 179,841 shares Tuesday.
The purchase, based on SoFi’s closing price of $7.99 per share, was valued at roughly $1.4 million. The purchase bumped Ark’s holding in SoFi to 1.9 million shares, worth roughly $15.3 million and weighted at 1.49% of the fund.
The ETF is led by two prominent holdings in Coinbase Global (COIN) – Get Free Report and Shopify (SHOP) – Get Free Report, which combined are weighted at around 22% of the fund.
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Jim Cramer, the host of CNBC’s “Mad Money,” said last month that investors ought to “stay long” on SoFi.
“Remember,” he said, “this stock is up substantially from where it was in the spring. I think (CEO Anthony) Noto’s doing a great job. I remain a buyer.”
Shares of SoFi lifted more than 3% following market open Wednesday.
The company, posting third-quarter earnings results Oct. 30, reported record net revenues of $537 million for the quarter, with more than 717,000 new member adds during that time period.
Still, the company reported a loss of 29 cents per share, above SoFi’s year-ago loss of nine cents per share.
SoFi’s total membership, according to a statement, grew to just shy of 7 million members during its third-quarter, a significant increase over the 4.7 million members the company reported in the same period last year.
The stock, up around 73% for the year so far, is still down roughly 70% from its 2021 highs of $24 per share. The fintech firm, known for its high-interest savings accounts, has a total of $15.7 billion in deposits on its balance sheet.
SoFi added $2.9 billion in deposits in the third quarter alone.
“We’re stealing share from the big banks,” Noto told CNBC in September.
The average analyst price target for the stock is pegged at $9.15.
Related: Meet the biotech company Cathie Wood bought half a million shares of this month
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