What's Going On With SoFi Technologies Stock?

SoFi Technologies, Inc. SOFI shares are trading lower Thursday. The stock appears to be moving on continued downward momentum from the last five days.

What To Know:

SoFi Technologies shares are down more than 15% over the last five days and several company insiders have sold large amounts of SoFi stock.

A Form 4 filing from the U.S. Securities and Exchange Commission showed that Aaron Webster, Sofi's chief risk officer, sold 215,299 SOFI shares on Nov. 3. The total transaction amounted to $1,740,541.

On Nov. 6, Sofi's chief marketing officer Lauren Stafford sold 135,832 SOFI shares in a transaction totaling $1,029,096, and Chad Borton, president of SoFi, sold 152,041 SOFI shares in a transaction totaling $1,215,817 on Nov. 2.

CNBC's Jim Cramer recently recommended buying SoFi Technologies' stock saying, "They are turning the corner, and they are doing everything right. I think it goes higher."

Shares of SOFI are dropping on heavy trading volume Thursday. According to data from Benzinga Pro, more than 40 million shares have been traded in the session, compared to the stock's 100-day average of 28.685 million shares.

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SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are down 6% at $6.87 at the time of publication.

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