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Shares of SoFi (NASDAQ:SOFI) are in the green this morning following an insider purchase from CEO Anthony Noto. The CEO has been on a buying spree this year, with his most recent transaction marking his 12th purchase of the year. On the other hand, only one insider has sold shares of SOFI stock this year. Those sales are attributable to Head of Operations Micah Heavener.
Shares of SoFi are down more than 50% this year, while the S&P 500 is down 14%. However, insiders in aggregate have turned up the heat on insider buying. The number of insiders buying minus the number of insiders selling has risen to its highest level since March of 2020. On top of that, insider buy-to-sell ratios in sectors like technology and communications have risen to their highest levels since 2012.
With that in mind, let’s take a look into Noto’s purchase.
CEO Anthony Noto Buys SOFI Stock Again
Yesterday, Noto purchased 21,215 shares of SoFi at an average price of $7.07 per share. After the purchase, he now owns 3.34 million shares. This is Noto’s first purchase during June, and based on his previous purchases, it likely won’t be his last.
Excluding the recent purchase, Noto last purchased shares of SoFi on May 24. On that day, he purchased 37,056 shares at an average price of $6.72 per share. During May, he purchased shares of his own company on four separate occasions.
SoFi Adds Hours to Trading Day
In addition, the fintech company announced today that it would extend trading hours for its customers by 4.5 hours. Originally, the trading hours were in line with the standard market hours of 9:30 a.m. to 4:00 p.m. Eastern. After the change, the new trading hours will be from 9:00 a.m. to 8:00 p.m. Eastern. Standard trading hours can be problematic for users not on the East Coast. While the stock market opens at 9:30 a.m. for residents on the East Coast, that time is equivalent to 6:30 a.m. for residents on the West Coast.
The extended trading hours will be available for users of the SoFi mobile app, with website support coming in the next few months. In addition, users will only be able to place limit orders during the extended hours.
Noto explained, “Our members’ lives don’t operate 9 to 5 — and we’ve certainly learned that over the last two years. By extending our trading hours, we’re enabling our members to execute their investing ideas in a larger window and more when it suits their needs, wherever they are.”
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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