SoFi Technologies Inc. (NASDAQ: SOFI) saw its chief executive, Anthony Noto, step in to purchase additional shares following a sharp post-earnings selloff, a move that underscores leadership confidence but does little to address broader investor concerns about the company's growth trajectory.
According to a filing with the U.S. Securities and Exchange Commission, Noto acquired 15,878 shares on May 8 at a weighted average price of $15.7305 per share, for a total outlay of approximately $249,769. The purchase increased his direct stake to 11,931,074 shares. The timing followed a 12% drop in SoFi's stock on April 29, after the company left its full-year 2026 revenue outlook unchanged despite reporting record first-quarter results.
SoFi's first-quarter net revenue rose 43% year-over-year to $1.10 billion, while net income more than doubled to $166.7 million from $71.1 million in the prior-year period. Diluted earnings per share climbed to 12 cents from 6 cents. The company also reported strong member growth of 35% and a 39% increase in products, with deposits reaching $40.2 billion as of March 31, of which approximately 97% are insured.
Despite these metrics, the company held its full-year adjusted net revenue forecast at roughly $4.655 billion, with adjusted EBITDA still expected around $1.6 billion and adjusted EPS pegged at about 60 cents. This conservative stance disappointed some analysts. William Blair analyst Andrew Jeffrey noted, “SoFi uncharacteristically did not pass along first-quarter revenue and EBITDA upside, leaving 2026 guidance basically intact. The Street will hate these results, in our view, but we see limited downside.”
Noto struck an upbeat tone in an interview with Reuters, stating, “The health of our consumer base remains strong.” He highlighted record loan origination volumes in the first quarter and said the company expects robust demand to continue into the second quarter, with point-of-sale debit spending remaining solid and credit performance in line with expectations.
Investors are closely watching SoFi's Loan Platform Business, which handles third-party loan originations and borrower referrals. In the first quarter, this segment contributed $140.8 million in consolidated adjusted net revenue, with $138.3 million derived from $3.0 billion in personal loans originated for external partners and referral activities. Peer comparisons are mixed: LendingClub reported a 31% rise in first-quarter originations to $2.7 billion and set a 2026 target range of $11.6 billion to $12.6 billion, while Affirm released its March-quarter results on May 7.
However, risks remain. SoFi's Technology Platform generated $75.1 million in first-quarter revenue, a 27% decline, as platform accounts slid 16% following a major client's exit completed before year-end 2025. The company's total net charge-off ratio improved to 2.04%, but total net charge-offs rose by $33 million year-over-year to $201.6 million.
The company also continues to face pressure from short-sellers. In March, Muddy Waters accused SoFi of concealing at least $312 million in debt, allegations the company dismissed as “factually inaccurate and misleading,” adding that it is considering legal action.
SoFi's stock closed Friday's U.S. session at $15.75, down 1.6%, with approximately 55.9 million shares traded. The market capitalization stood near $21.7 billion. While the insider buy sends a positive signal from leadership, the focus now shifts to SoFi's ability to sustain loan demand, revitalize its technology platform, control credit costs, and convert member growth into consistent profitability.
