Insider Robert Lavet Just Sold SoFi (SOFI) Stock

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  • General Counsel Robert Lavet sold 200,000 shares of SoFi Technologies (SOFI) this month.
  • The sale was transacted at an average price of $8.06 per share.
  • SOFI stock is up by more than 50% year-to-date.
SOFI stock - Insider Robert Lavet Just Sold SoFi (SOFI) Stock

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Shares of SoFi Technologies (NASDAQ:SOFI) are up by more than 50% year-to-date, and now, one insider is taking advantage of the upside and selling out of some shares. Much of the gains in SOFI stock were attributed to the personal fintech company reporting its fourth-quarter earnings.

During the quarter, SoFi reported revenue of $457 million, up 60% year-over-year (YOY). The company also added around 480,000 new members and 695,000 new products. As of the end of the quarter, SoFi had more than 5.2 million members, up an impressive 51% YOY.

“We also generated record adjusted EBITDA in the fourth quarter, finishing the year with over $143 million in 2022, nearly five times the total adjusted EBITDA compared to full year 2021,” said CEO Anthony Noto.” This strength carried through to the bottom line, resulting in an incremental GAAP net income margin of 42% for the fourth quarter and 28% for the full year.”

In the meantime, profitability should be a major goal for the fast-growing company. SoFi reported a Q4 net loss of $40 million, which improved by 64% YOY.

For 2023, SoFi forecasts adjusted revenue between $1.925 billion to $2 billion, representing growth of 27.5% at the midpoint. By Q4, the company is expected to reach net income profitability.

General Counsel Robert Lavet Sells SoFi Stock

According to a Form 4 received by the Securities and Exchange Commission (SEC), General Counsel Robert Lavet sold 200,000 shares of SOFI at an average price of $8.06 on Feb. 2. Following the sale, Lavet still owns 1.25 million shares.

This was the first transaction by an insider since Jan. 26 when Noto reported converting restricted stock units (RSUs) into 101,664 shares of common stock. On the same day, he sold off 53,355 shares at an average price of $5.79 per share in order to satisfy tax withholding obligations related to the vesting of the RSUs.

So, how do other SoFi insiders feel about their company? In the past 12 months, insiders have purchased 2.32 million shares and sold 14.94 million shares. That’s equivalent to a net activity of 12.62 million shares sold. However, in the past three months, insiders have purchased 1.66 million shares and sold 865,520 shares. In total, that amounts to a net activity of 793,545 shares purchased.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 


Article printed from InvestorPlace Media, https://investorplace.com/2023/02/insider-robert-lavet-just-sold-sofi-sofi-stock/.

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