SoFi Technologies shares climbed 7.2% on Friday, closing at $20.86 and halting a multi-day decline. The move followed regulatory filings showing two company executives purchased shares earlier in the week.
General Counsel Robert S. Lavet acquired 5,000 shares at $21.044 on February 6, while Executive Vice President Eric Schuppenhauer bought 5,000 shares at $19.93 on February 5. These purchases were disclosed in SEC Form 4 filings.
However, the filings also revealed a planned sale by director Steven J. Freiberg, who filed a Form 144 notice to sell up to 94,225 shares. The notice indicates an intention to sell under Rule 144, though the transaction may not ultimately occur as filed.
Despite Friday's rebound, SoFi shares remain approximately 14% below their January 29 closing price. The stock had been under pressure following its quarterly earnings report, despite the company posting increased fourth-quarter profit driven by loan demand and fee-based business growth.
The financial technology company's performance is sensitive to interest rate expectations, which could be influenced by upcoming economic data. The Labor Department will release January employment figures on Wednesday, February 11, followed by the January Consumer Price Index report on Friday, February 13.
Hotter inflation readings or softer jobs data could alter Federal Reserve policy expectations, directly impacting consumer lenders like SoFi through funding costs, credit assumptions, and loan demand. The company operates in a competitive space alongside firms such as Upstart and LendingClub.
While insider buying often signals confidence, analysts note it provides limited insulation against broader market forces. Should delinquency rates rise or markets price in prolonged higher interest rates, recent gains could reverse.
The stock's Friday advance coincided with a broader market rally that saw the Dow Jones Industrial Average surpass 50,000 for the first time, as investors returned to risk assets after a volatile period.