After Earnings, Sofi Ceo Noto Scooped Up More Stock

SoFi Technologies Inc.'s CEO, Anthony Noto, has increased his ownership of the company by purchasing more shares as the stock sold off following the release of the first-quarter earnings report and pressure on the financial services sector. 

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According to a Securities and Exchange Commission filing, Noto bought 50,000 SoFi shares on Thursday for an average price of $4.7341 each, amounting to $236,705. This transaction took place after SoFi's shares had declined by 22% from the previous Friday's close to Wednesday's close. 

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However, the stock rose to close at $4.90 on Thursday and continued to rally on Friday to finish the session at $5.16.

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SoFi reported Q1 earnings on May 1, which showed strong headline metrics, but a decline in its technology-platform business's account numbers. 

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The company raised its outlook, but less than the amount it beat expectations by in the first quarter, and loan sales fell during the latest period.

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Noto has previously purchased SoFi stock this March, when it was under pressure following the Silicon Valley Bank fallout, and in December 2021 when he bought $7.4 million in stock at prices below $4.60 per share. 

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His current stake in the company is 6.35 million shares. Insiders of other financial services companies have also taken advantage of the recent sector selloff to acquire stocks, including KeyCorp's institutional banking head, Andrew “Randy” Paine, who spent over $700,000 on KeyCorp shares on Wednesday, and Fifth Third Bancorp's director, Evan Bayh, who purchased nearly $125,000 of stock the same day.

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