SoFi Technologies (NASDAQ:SOFI) closed out the trading week on a high note Friday, with shares gaining 3.35% to finish at $17.88. The move came on volume roughly 30% above the 65-day average, signaling heightened investor interest. However, the stock remains about 1% below the price at which CEO Anthony Noto bought shares on June 16.
The broader market backdrop was mixed. The Nasdaq Composite fell 4.6% for the week, while the S&P 500 slipped 2%. High-growth names struggled, but the Russell 2000 added 1%, providing some support for smaller, speculative stocks. SoFi's Friday volume surge appeared to be stock-specific rather than sector-driven.
Noto purchased 13,888 shares on June 16 at an average price of $18.0578, according to a Form 4 filing. Following the transaction, his direct ownership stood at 11,960,507 shares. The stock's failure to reclaim that level keeps the $18 mark in focus as a key resistance point.
SoFi recently expanded its product lineup with the acquisition of Composer, an AI-powered platform that allows retail investors to build and automate trading strategies using natural language. CEO Noto described the tool as giving members "powerful investing tools" in a simple, intuitive format. The move is part of SoFi's strategy to deepen engagement and drive fee-based revenue growth.
Financially, SoFi reported strong first-quarter results, with adjusted net revenue up 41% year-over-year to $1.1 billion and adjusted EBITDA climbing 62% to $340 million. Total members rose 35% to 14.7 million, while Financial Services products hit 19.3 million, up 40%. The lending business remained the primary driver, with loan originations reaching $12.2 billion, including $8.3 billion in personal loans. Deposits increased by $2.7 billion to $40.2 billion. The company guided for second-quarter adjusted net revenue growth of approximately 30% and an adjusted EBITDA margin near 30%.
The Technology Platform segment lagged, with net revenue down 27% and enabled accounts falling 16%. Investors are watching to see if the Composer acquisition can help reverse that trend.
The upcoming week is shortened due to the July 4 holiday, with markets closed Friday. Key events include the annual reconstitution of Russell indexes on Monday, quarter-end portfolio rebalancing, and the U.S. payrolls report. For SoFi, the $18 level remains a critical threshold as trading volumes are expected to decline ahead of the holiday.
