Kelli Keough, Executive Vice President at SoFi Technologies, Inc. (NASDAQ:SOFI), recently sold 8,914 shares of the company's common stock. The transaction, executed on January 21, 2025, was conducted at a weighted average price of $17.5825 per share, resulting in a total sale value of approximately $156,730. The sale comes as SoFi's stock trades near its 52-week high of $18.21, having delivered an impressive 138% return over the past year. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
The shares were sold as part of a pre-established Rule 10b5-1 Trading Plan, which Keough adopted on May 21, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks to avoid any accusations of insider trading. With SoFi's next earnings report due in just 3 days, InvestingPro subscribers can access 13 additional key insights and a comprehensive Pro Research Report for deeper analysis of the company's performance.
Following this transaction, Keough holds 178,811 shares of SoFi Technologies. The reported sales were executed in multiple trades within a price range of $16.95 to $18.09 per share, with the stock showing significant momentum as evidenced by its 9.27% gain in the past week.
In other recent news, SoFi Technologies has witnessed significant developments. The company reported a robust growth in its Q3 2024 earnings call, with adjusted net revenue reaching $689 million, marking a 30% increase from the previous year. The financial services segment doubled its revenue to $238 million, and the tech platform saw a 14% rise to nearly $103 million. The lending segment also performed strongly, with $6.3 billion in loan volume.
In addition, the company announced the upcoming resignation of board member Michael Bingle, effective January 13, 2025. The company has yet to disclose details on a successor or the process for filling the vacancy on the board.
On the analyst front, BofA Securities downgraded SoFi from Neutral to Underperform due to concerns about the company's valuation. Similarly, Keefe, Bruyette & Woods adjusted the rating on SoFi Technologies stock, moving it from Market Perform to Underperform. However, Mizuho (NYSE:MFG) Securities maintained a positive stance on SoFi, raising its price target on the company's stock to $16.00, up from the previous $14.00.
Moreover, Silver Lake Technology Associates IV, L.P. and related entities sold approximately 31.2 million shares of SoFi, resulting in a reduction of Silver Lake's ownership stake in the company. Lastly, SoFi CEO Anthony Noto entered into a prepaid variable forward contract on company stock, a move that will see him receive an upfront cash payment of $22.4 million. These are some of the recent developments shaping the trajectory of SoFi Technologies.
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