SoFi’s CEO Bought SOFI Stock Twice in the Last Week

• SoFi (NASDAQ:SOFI) CEO Anthony Noto bought more than $350,000 of SOFI stock over the past week
• Two other company officials purchased SOFI stock this month
• In the last five days, SOFI stock has climbed 15%

Source: Michael Vi / Shutterstock

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

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

Insiders Pile Into SOFI Stock

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

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

In the last five days, SOFI stock has jumped 15%, but the shares have still tumbled 51% so far in 2022.

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

On the date of publication, Larry Ramer 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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