Eric Schuppenhauer, an EVP at SoFi Technologies (SOFI), recently bought 30,600 shares. The buy increased his stake by 197%, and came to a total price of $500,001.
This marks the first insider buy at the company since June, when the company CEO bought 30,715 shares for about $199,110. Otherwise, company insiders have been regular sellers of shares, including a major holder who sold off nearly $499 million in shares earlier this month.
Overall, SoFi insiders own 3.2% of shares.
The online lending platform has jumped over 70% in the past year. Revenues are up over 34%, and SoFi just turned to profitability in its most recent quarter.
Plus, SoFi noted that they just topped 10 million members, which still puts it on the small size for the total addressable market for online lending.
While shares look pricey at nearly 140 times earnings, continued growth and rising profitability could send that valuation metric lower in the quarters ahead.
Action to take: Shares are pushing higher and just hit 52-week highs. However, the stock is still well off its all-time highs, so has more room to run in the months ahead.
Today’s buyers should continue to see the stock trend higher into mid-2025 as a momentum and growth play.
For traders, the March 2025 $20 calls, last trading for about $1.55, could see mid-double-digit returns or better in the months ahead.
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.