Usually, when the mention of insider trading comes up, trades think of sales worth millions, but this is not the case with SoFi Technologies (NASDAQ: SOFI) and its CEO, Anthony Noto, who has consistently bought large amounts of SOFI stock.
In his latest filing on May 23, Noto disclosed the purchase of an additional $200,000 worth of SOFI shares at an average price of $6.91 for the total of 8,062,269 shares owned, worth approximately $55 million.
This represents a positive deviation from the general insider trading trend in the stock market in 2024, where most CEOs have already sold hundreds of millions of dollars worth of their own companies’ stocks.
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Noto is a stark believer in SOFI stock
A series of Noto’s insider purchases of SOFI stock spans years. Since his appointment as CEO in 2018, millions of shares have been purchased, most of which were acquired near the SOFI stock bottom.
He has acquired $11.9 million of SOFI stock on the open market, of which $7.9 million was purchased at prices below $5 per share.
His largest single purchase was $5,009,238 at a price of $4.42 per share, made just two days before SoFi’s all-time low on December 9, 2022. This demonstrates his remarkable ability to time the market effectively.
SOFI stock has been on a rough ride in 2024
As of the latest close on May 23, SOFI stock is trading for $6.83, after a drawback of 2.71% experienced in the latest session, with losses of 4.34% extending into the past five trading days.
On a larger scale, since 2024, SOFI shares have lost 29.22% of their value.
Looking at Noto’s trading, investors might think this is the current bottom for SOFI stock. However, prior analysis and diligence are needed before deciding to invest.
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