Anthony Noto, CEO Of SoFi Technologies (SOFI), recently bought 28,775 shares. The buy increased his position by less than 1%, and came to a total cost of $198,548.
Noto was the last insider buyer with a 22,500 share pickup back in November. Since then, the company’s CTO has sold off about 27% of his holdings across two sales. Going further back, there have been more insider buys from Noto and the company’s CFO.
Overall, SoFi insiders own 3.2% of shares.
The financial services provider is up 32% over the past year, far beating the overall stock market, even as high interest rates have led to fears that financial companies may not perform well.
The move higher has been driven by a 38% surge in revenues, although SoFi isn’t profitable yet.
Following first quarter earnings, the company gave a mixed outlook, which led to a selloff in shares. As long as revenue can keep trending higher, however, the stock is likely to resume its further uptrend.
Action to take: Investors may like shares here, as the stock dropped to a six-month low and is now trending higher again.
For traders, a possible bounce higher in here could lead to big returns for a call option trade. The July $8 calls, last trading for about $0.35, could see mid-to-high double-digit returns in the coming weeks.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any company mentioned in this article.