Stock Market Today, Jan. 6: SoFi Technologies Falls After $1.5 Billion Equity Sale Pressures Shares

SoFi Technologies (NASDAQ:SOFI), a digital-first consumer finance platform, closed Tuesday’s session at $26.99, down 7.82%. SoFi IPO'd in 2021 and has grown 121% since going public. Trading volume reached 118.7 million shares, about 74% above its three-month average of 68.3 million.

Tuesday’s action centered on SoFi’s $1.5 billion equity raise and increasing volatility as the stock nears its earnings date.

How the markets moved today

The S&P 500 rose 0.62% to 6,945, while the Nasdaq Composite gained 0.65% to finish at 23,547. Industry peers LendingClub slipped 1.38% and Upstart declined 0.04%, showing some softness across digital lending platforms.

What this means for investors

SoFi closed its $1.5 billion equity sale today at $27.50 per share, prompting the market to drop its shares below this price. While technically nothing changes about SoFi's actual operations, shareholder value is diluted by the offering. That said, the company's share price nearly doubled in 2025 and is up roughly four times in value since 2024 -- so it's a perfect time to raise capital after an impressive run, in my opinion.

Another reason not to panic about today's drop is that SoFi's stock rose nearly 10% yesterday on minimal news. Viewed across both days, it equals out, which isn't bad considering the equity sale. While SoFi has been on an incredible run -- still trading at 47 times forward earnings -- Wall Street's expectations for 25% revenue growth in 2026, combined with the company's burgeoning platform, keep it an eye-catching growth stock.

Bank of America is an advertising partner of Motley Fool Money. Josh Kohn-Lindquist has positions in SoFi Technologies and Upstart. The Motley Fool has positions in and recommends Upstart. The Motley Fool has a disclosure policy.