- CEO Anthony Noto has purchased SoFi Technologies (NASDAQ:SOFI) stock 11 times this year
- Yesterday, May 24, Noto purchased 37,056 shares
- The CEO now owns a total of 3.27 million shares
Source: Michael Vi / Shutterstock
Shares of SoFi Technologies (NASDAQ:SOFI) stock are in the spotlight today after CEO Anthony Noto purchased shares of the company yet again. Noto has been on an absolute buying spree this year, with the most recent purchase yesterday marking his 11th purchase this year. It seems that, as the price of SOFI stock falls lower, Noto gains more conviction. Since the beginning of 2022, shares have lost more than 50%.
SoFi recently announced that it would hold its annual stockholder’s meeting virtually on July 12. SOFI shareholders will be allowed to submit questions to the company prior to the meeting.
With that in mind, let’s get into the details of Noto’s recent purchases.
CEO Anthony Noto Buys 116,556 Shares of SOFI Stock During May
Yesterday, Noto purchased 37,056 shares of SoFi at an average price of $6.72 per share. In total, the transaction amounted to around $249,000. After the purchase, the CEO now owns 3.27 million shares. In addition, the purchase was not enacted via a prearranged 10b5-1 plan, which company insiders often use to move shares while avoiding accusations of insider trading.
The May 24 transaction was Noto’s fourth purchase this month. Before yesterday, the CEO’s most recent purchase had been on May 20. Noto had purchased 27,000 shares at an average price of $7.31 per share. In total for the month of May, Noto has purchased a total of 116,556 shares.
Noto is clearly bullish on his company. Insiders may sell shares for a variety of reasons, but they only purchase them for one: they believe the price will go up. Besides Noto, two other insiders have been active with SOFI stock; Head of Operations Micah Heavener and Director Harvey Schwartz have both purchased shares in recent months.
Who Else Is Betting Big on SoFi?
Tracking institutional ownership is important, as these large funds provide liquidity and price support for stocks. During the first quarter, 417 funds reported owning SOFI stock, a decrease of 16 funds from the prior quarter. Meanwhile, the institutional put/call ratio sits at 1.27. This means that more funds own put options against the company than call options.
With that in mind, let’s take a look at the five largest shareholders of SoFi and their activity during Q1:
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.
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