SoFi Technologies (SOFI) shares ended Thursday at $17.91, up 2.81%, capping an 8% weekly gain ahead of the Juneteenth holiday. U.S. stock markets, including the Nasdaq and NYSE, are closed Friday for the observance, which gave investors a truncated trading week to digest the recent insider buying and shareholder votes.
CEO Anthony Noto purchased 13,888 shares in the open market on June 16 at a weighted average price of $18.0578, according to a Form 4 filing with the SEC. This acquisition increases his direct stake to 11,960,507 shares. Insider purchases are often viewed as a vote of confidence by management, though the size of this buy is relatively modest compared to Noto's total holdings.
At the company's annual meeting on June 17, shareholders approved all proposed items, including the election of 10 directors, advisory approval of executive compensation, and the ratification of Deloitte & Touche LLP as the independent auditor for 2026. No other matters were put to a vote. Noto addressed shareholders, emphasizing that SoFi is "still just getting started" and highlighted growth areas such as SoFi Plus, SoFiUSD, and business banking. He noted that SoFiUSD could support "faster, safer, and cheaper payments globally," and reported that paid subscribers for SoFi Plus now exceed 180,000.
The stock's weekly rally comes amid a broader bounce in growth and fintech names. Affirm (AFRM) rose 4.50% and Upstart (UPST) added 6.44% in Thursday's session. The Nasdaq-100 ETF (QQQ) gained 2.38%, reflecting a favorable environment for technology and fintech stocks. However, SoFi remains well below its 52-week high of $32.73, and investors continue to weigh strong first-quarter results against management's decision to hold full-year guidance unchanged.
First-quarter highlights: adjusted net revenue of $1.09 billion, up 41% year-over-year; adjusted EBITDA of $339.9 million, a 62% increase; and record loan originations of $12.2 billion. Despite these numbers, Wall Street remains cautious. William Blair analyst Andrew Jeffrey noted after the April report that SoFi "did not flow through first-quarter revenue and EBITDA upside" and wrote, "The Street will hate these results, in our view, but we see limited downside."
The story for SoFi continues to revolve around lending volume, deposit growth, and fee income. However, the fintech faces headwinds: tech platform revenue dropped 27% year-over-year in the first quarter, hurt by the loss of a major client. Additionally, if interest rates remain elevated, credit losses increase, or loan buyers pull back, SoFi's growth and capital flexibility could be constrained.
Trading volume was heavy ahead of the holiday, with over 80 million shares traded Thursday and more than 120 million on Wednesday. The $18 level is now a key resistance point to watch when markets reopen. Some analysts question whether the CEO's insider buy carries significant weight or is merely a marginal addition to a large existing position. The next earnings report is expected around July 28, when SoFi will release its second-quarter results.
