Why SoFi Technologies Stock Sank This Week
Shares of SoFi Technologies (NASDAQ: SOFI) were slumping this week, according to data from S&P Global Market Intelligence. The online bank and fintech upstart soared last week on fast growth but is pulling back this week, likely due to insider sales and continued unprofitability.
As of 12:47 p.m. ET on Friday, Nov. 10, SoFi shares are down 15% this week to $6.81. This is essentially a round trip to where the stock traded at before its earnings release last week.
This week -- in filings with the SEC -- SoFi reported some stock sales from insiders, such as its chief marketing officer (CMO). These weren't insignificant sales, either. In the CMO's case, she sold 136,000 shares of SoFi stock, or over 30% of her stake in the company.
Source Fool.com
