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Why is SoFi Stock Down Today After Insider Selling

SoFi Technologies, Inc. (SOFI) saw its stock price decline by 4.11% on December 5, 2024, closing at $15.65, down from the previous day's close of $16.32. The stock opened at $16.00 and reached a high of $16.20 before dipping to a low of $15.62. The trading volume was 50,299,793, nearly matching the average daily volume. The downward pressure on SoFi's stock was primarily driven by a significant block trade involving 19.7 million shares priced at $16.10, which increased the supply of shares in the market. Additionally, insider activity added to the negative sentiment, as a director sold over 24 million shares at an average price of $16.03, totaling more than $386 million. Broader market conditions also played a role, with U.S. stock futures falling after Federal Reserve Chair Jerome Powell's comments tempered expectations for a rapid rate-cutting cycle.