SoFi formally known as Social Finance Inc has taken a nosedive lately when it comes to their stock values. Dropping more than 70% in the past five months, the company has investors buying the dip including the CEO. Anthony Noto, recently purchased a total of 3.27 million shares to capitalize on the opportunity via 11 separate transactions. As values continued to fall, the most recent stock price saw a low of $6.72 per share which comes on the heels of a purported accidental earnings release earlier in the month.
Additional investors are also taking notice after a report that surfaced due to clerical error contributed to losses of as much as 18% in a single trading day. Among the highest ranking funds counted are T.Rowe Price, Vanguard Group,Silverlake Group, Red Crow Capital, and SoftBank Group rounding out the pack with a combined 250 million putting them in the top five holdings list. However, out of the nearly 420 companies that include SoFI as portfolio pieces the majority are considered put options that could potentially tank the Fintechs value even further. Recently granted status as an approved bank charter and a favorite among student loan lending, the direction of the markets during the second half of the year will definitely be a sign of what’s to come for 2023.
