Anthony Noto, CEO at SoFi Technologies (SOFI), recently picked up 47,625 shares. The buy increased his stake by 1.4 percent, and came to a total price of just over $300,000. The buy came a day after the CEO made a purchase of 16,907 shares, for just over $112,000.
Overall, the company CEO has made 18 buys in the past year. Other company insiders have been sizeable buyers in recent months as well.
Going back to the company’s IPO in March 2021, there’s been a few insider sales, but mostly buyers as shares have lagged. Overall, insiders at the company own about 21.2 percent of shares.
Those insiders have sat through a 72 percent drop in shares for the fintech company in the last year. While the early-stage company is still operating at a loss, revenues are up about 62 percent over the same timeframe.
Action to take: The company may continue to struggle for a while, as its credit services could languish as interest rates rise. However, they may also benefit from more lending activity if the economy weakens. So investors may want to consider going long shares when the market looks ready to finally move higher.
For traders, the trend is still down. That makes an option like the October $5 puts, last going for about $0.70, capable of a mid-to-high double-digit move higher in the next few months.
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 of the companies mentioned in this article.