Shares of digital banking specialist SoFi Technologies (NASDAQ: SOFI) have fallen roughly a third since the start of 2026, sliding from approximately $26 at year-end 2025 to around $18.
Despite the steep decline, CEO Anthony Noto has repeatedly purchased company shares on the open market throughout the year, a move that has drawn significant attention from investors.
Noto’s most recent purchase came on June 16, when he acquired 13,888 shares at an average price of approximately $18 apiece, lifting his direct stake to nearly 12 million shares.
That transaction was not an isolated move, with Noto’s insider buying totaling roughly $2.35 million over the past 12 months, including a March 2 purchase of 56,000 shares valued at just over $1 million.
When a chief executive repeatedly buys company stock with personal funds following a sharp price decline, the market tends to interpret it as a strong signal of internal confidence.
SoFi was also targeted by a short-seller report earlier in 2026, which temporarily pressured the stock further, though Noto responded by purchasing shares on the open market within hours of the report’s release.
On the operational side, SoFi posted first-quarter 2026 results showing 41% year-over-year revenue growth, membership expansion of 35% to 14.7 million users, and an all-time high loan origination volume of $12.2 billion.
Net income more than doubled year-over-year in the first quarter, and management is guiding for full-year 2026 adjusted revenue of $4.655 billion, adjusted EBITDA of $1.6 billion, and adjusted earnings per share of $0.60.
Looking further ahead, SoFi’s leadership is targeting an adjusted EPS compound annual growth rate of between 38% and 42% through 2028, with the company’s cross-buy rate already rising from 36% a year ago to 43% in the first quarter.
The bear case centers on a 27% year-over-year decline in Technology Platform revenue following a large client departure, along with personal loan charge-offs rising to 3.03% from 2.80%.
Analyst sentiment remains cautious, with 12 hold ratings and 4 sell or worse ratings compared to just 8 buy ratings, and a consensus price target of $21.10 against a 200-day moving average of $23.33.
The stock carries a beta of 2.126, meaning it is particularly sensitive to broader macroeconomic shifts, a meaningful risk in an environment where rate cuts remain off the table for now.
Noto’s continued open-market buying at current prices represents a credible, cash-backed expression of confidence in a company whose operating fundamentals continue to show strong momentum.
Whether that conviction translates into returns for outside investors will depend heavily on SoFi’s ability to sustain deposit funding, accelerate cross-selling, and manage credit quality through a challenging rate environment.
