In a recent transaction, Jeremy Rishel, the Chief Technology Officer of SoFi Technologies, Inc. (NASDAQ:SOFI), a fintech company with a market capitalization of $16.6 billion, sold 64,991 shares of the company's common stock. The shares were sold at a price of $15.72 each, amounting to a total transaction value of $1,021,658. This sale was conducted under a pre-established Rule 10b5-1 Trading Plan adopted by Rishel in May 2024. Following this transaction, Rishel retains ownership of 586,494 shares in the company. The sale comes amid SoFi's remarkable 143% surge over the past six months, though InvestingPro analysis indicates the stock is trading above its Fair Value. InvestingPro subscribers can access comprehensive insider trading patterns and 11 additional key insights about SOFI's financial health and market position.
In other recent news, SoFi Technologies CEO, Anthony Noto, entered into a prepaid variable forward contract involving 2 million shares of the company's common stock. This move allows Noto to receive an upfront cash payment of $22.4 million while retaining voting, dividend, and other rights in the pledged shares. The contract, set to mature on February 7, 2028, represents approximately 10% of the shares Noto beneficially owns and less than 1% of the company's total outstanding shares.
In other developments, SoFi reported a 30% increase in adjusted net revenue, reaching $689 million in its Q3 2024 earnings call. The financial services segment doubled its revenue to $238 million, and the tech platform saw a 14% rise to nearly $103 million. Meanwhile, BofA Securities downgraded SoFi from Neutral to Underperform due to concerns about the company's valuation.
In addition, Silver Lake Technology Associates IV, L.P. and related entities sold approximately 31.2 million shares of SoFi, reducing Silver Lake's ownership stake in the company. On a positive note, Mizuho (NYSE:MFG) Securities maintained its positive stance on SoFi, increasing the firm's price target on the company's stock to $16.00, up from the previous $14.00. These are some of the recent developments involving SoFi Technologies.
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