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Finance industry has become the biggest industry globally with $109 Trillion revenue generated in 2020 according to the Federal Reserve. SoFi Technologies (NASDAQ: SOFI) is among the companies making their name known in this sector. Recently, their CEO, Anthony Noto took over worth $5 Million shares which pushed the SOFI stock price by 1.6%. It closed at $4.43 by the day’s end.
SoFi Have Lost 70% Value This Year
According to the Form 4 filing he purchased 1,134,065 at $4.42, translating total value to more than $5 Million. Currently, he owns 5,087,751 shares, an over 28% growth in his total company holdings. In June 2022 he took over 180,000 shares at the value ranging from $5.36 to $7.07. SOFI stock has lost around 70% in its value since the year’s high.
SoFi Technologies currently have over 4 Million users on the network, funded $73 Billion in loans, out of which users have paid-off $34 Billion debt. Student loan scenario has remained almost the same quarter over quarter in the United States with over $1.5 Trillion debt according to the latest data.
The company has its presence in multiple sectors including banking, investing, cryptocurrency and more. They also offer a digital asset trading platform allowing the users to trade several virtual currencies including Bitcoin, Ethereum, Tezos and more. Cryptosphere has seen a massive downturn this year without any significant correction in major crypto assets.
SOFI Stock Price Action
The bollinger bands show multiple price breakdowns but only a handful of breakouts in SOFI stock throughout the year. It first broke the $12 support in January 2022, which also initiated a downtrend and bears have not left the ground since. Another breakdown follows the next month as the price eliminated $10 support level.
SOFI stock saw a price breakout during the beginning of August 2022 as it surpassed $7.5 resistance level. The price surged the last month where it traded above $6, the value has since held its position in an active sellers zone. A price slid followed after another breakout in Mid-November 2022. Current position shows that the value is about to enter the active buyers zone that can potentially boost the company shares.
The company may take advantage of Joe Biden administration’s student debt proposal if passed. The Supreme Court is yet to deliver the final decision regarding the case. CNBC reported that SC has agreed to hear the second case filing in February 2023 alongside the first. Judge Pittman previously sided with the Job Creators Network Foundation whose members called the President’s proposal irrational, arbitrary and unfair.
If passed, the government will help set off the student debt, which translates to a possible boost in SOFI stock value. But the investors must not keep their hopes up as the case is due for hearing in February next year.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
