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SoFi CEO bought SOFI shares twice last week


  • SoFi (NASDAQ:SOFI) CEO Anthony Noto bought over $350,000 worth of SOFI stock in the past week
  • Two other company officials bought SOFI shares this month
  • Over the past five days, SOFI shares have climbed 15%

Credit: Michael Vi/Shutterstock

SoFi (NASDAQ:SOFI) CEO Anthony Noto bought more than $350,000 worth of SOFI stock in the past week, according to Fintel. After the latest purchases, Noto owns about 3.2 million shares of his company. Based on SoFi’s premarket price of $8, its shares are worth about $25.6 million.

On May 19, Noto purchased 13,500 shares for 7.79 cents per share for a total price of $105,143. Six days earlier, the CEO had purchased 39,500 shares of SoFi for $6.50 each, paying $253,500.

Insiders pile up in SOFI shares

Two other SoFi officials bought SOFI shares this month. On May 13, SoFi board member Harvey Schwartz purchased 15,000 shares for $6.50 each. On May 1, Chief Financial Officer Michelle Gill acquired 25,317 shares, paying $6.12 per share.

However, in the first quarter of 2022, the Japanese investment firm Software bank (OTCMKTS:SFTBY) reduced the number of SoFi shares it held to 95.28 million from 117.75 million.

Over the past five days, SOFI stock has jumped 15%, but shares are still down 51% so far in 2022.

On May 15, research firm Piper Sandler raised its rating on SoFi from “overweight” to “neutral.” The company believes that the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) will climb and believes that the company’s stock is undervalued.

As of the date of publication, Larry Ramer did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

Larry Ramer has researched and written about US stocks for 15 years. He was employed by The Fly and Israel’s largest business newspaper, Globes. Larry started writing columns for InvestorPlace in 2015. Some of his highly successful contrarian picks include GE, solar stocks and Snap. You can reach him on StockTwits at @larryramer.

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