SoFi Technologies, Inc. is experiencing a decline in its stock price following the announcement of a significant block trade. On December 5, a block trade involving 19.7 million shares of SoFi was priced at $16.10. Block trades, which involve a large number of shares being sold at once, can often lead to downward pressure on a stock's price due to the sudden increase in supply.
Additionally, insider activity may be contributing to the stock's movement. On December 4, a director at SoFi sold 24,105,908 shares at an average price of $16.03, totaling over $386 million. Such large insider sales can sometimes be perceived negatively by the market, as they may signal a lack of confidence in the company's future prospects by those closely associated with it.
SoFi's stock is currently trading at $15.89, down 2.64% from its previous close of $16.32.