A filing with the U.S. Securities and Exchange Commission revealed that on Tuesday, CEO Anthony Noto had purchased 13,888 shares in the company at a total value of more than $250,000.
- Following the transaction, Noto owns 11,960,507 shares in the company.
- The latest purchase update comes amid a series of insider buys reported last week, signaling increasing confidence among company executives and directors.
- SOFI shares were last trading at around $17.71, down nearly 46% from the 52-week high.
Shares of SoFi Technologies Inc. (SOFI) closed more than 3% higher on Tuesday and extended gains overnight after CEO Anthony Noto revealed an additional investment in the company’s shares, stoking optimism among investors.
The company jumped onto the retail radar, with message volumes jumping about 69% in 24 hours, according to data from Stocktwits.
Noto’s Purchase Details
A filing with the U.S. Securities and Exchange Commission (SEC) revealed that on Tuesday, Noto had purchased 13,888 shares in the company at an average price of $18.0578, or a total value of $250,066.73.
Following the transaction, Noto owns 11,960,507 shares in the company.
The latest purchase update comes amid a series of insider buys reported last week, signaling increasing confidence among company executives and directors.
SOFI Stock Performance
Shares of SOFI, currently trading at around $17.71 as of their last close, are down nearly 46% from their 52-week high. However, the stock is on track to clock two consecutive weeks in the green amid a series of positive catalysts.
SoFi recently launched SoFiUSD, a dollar-backed stablecoin that can be bought, sold, held, and converted directly within its banking app. The end of the Pattern Day Trader (PDT) rule also contributed positively to the company.
The brokerage firm has also garnered significant attention amid the historic public debut of SpaceX as it offered eligible retail investors access to the shares.
On Tuesday, SOFI benefited from the strength in the financials sector as investors rotated into cyclical stocks and away from highly-valued technology shares.
SOFI Stock: Retail Stance
On Stocktwits, retail sentiment around SOFI stock jumped from ‘bearish’ to ‘bullish’ territory over the past 24 hours amid ‘normal’ message volumes.
One bullish user said, “Another 250k buy from the CEO itself. Tomorrow is the annual investor meeting. He knows stuff we dont know. The stock cant keep lagging behind. I accumulated 4k shares starting from januari. Ill hold long term but still nice to see green.”
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Another user said, “insider buying = buy and look away!!!”
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SOFI stock has declined more than 35% so far this year.
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