SoFi Technologies (NASDAQ:SOFI), a digital-first financial platform, closed Tuesday at $18.61, up 1.20% bouyed by two pices of positive news. The firm deepened its stablecoin partnership with Mastercard (NYSE:MA). Plus, an SEC filing revealed Chief Executive Officer Anthony Noto’s roughly $1 million insider share purchase.
Trading volume reached 71.2 million shares, coming in 24% above its three-month average of 57.3 million shares. SoFi Technologies IPO’d in 2021 and has grown 48% since going public.
The S&P 500 (SNPINDEX:^GSPC) fell 0.94% to 6,817, while the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 1.02% to 22,517. Within financial technology (FinTech), industry peers LendingClub (NYSE:LC) closed at $14.86, down 1.26%, and Upstart (NASDAQ:UPST) ended at $28.24, down 0.14%, as investors assessed competitive lending dynamics.
Today’s slight gain is good news for SoFi Technologies investors. While the stock has gained 37% in the past year, it has fallen by over 24% in the past six months as investors question fintech valuations.
Under SoFi’s partnership with Mastercard, the firm’s stablecoin SoFiUSD will be offered as a settlement option across the payment network. The stablecoin — a tokenized version of the U.S. dollar — is issued by SoFi Bank. The deal puts both firms at the forefront of the evolving on-chain finance world.
Yesterday’s $1 million open-market share purchase from Anthony Noto was his first in over a year and could signal insider confidence. It comes after February’s news that Board Vice Chairman Steven Freiber had sold shares worth $1.9 million last month.
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