Why Is SOFI Stock Up 7% Today?

  • SoFi Technologies (SOFI) is gaining after CEO Anthony Noto bought more shares.
  • Noto acquired another 1.13 million shares of SOFI stock.
  • The CEO paid roughly $5 million to increase his stake in the company.
Silhouette of person holding mobile phone with SoFi (SOFI Stock) logo shown in background

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SoFi Technologies (NASDAQ:SOFI) stock is climbing higher on Wednesday after the company’s CEO bought more shares.

Anthony Noto, CEO of SoFi Technologies, purchased additional shares of SOFI stock from Dec. 9 through Dec. 13. This saw him purchase roughly 1.13 million shares of the stock. The purchases were made on three separate days.

The first day of purchases was Dec. 9, which saw Noto acquire 682,500 shares of SOFI stock for an average price of $4.36 each. Then, on Dec. 12, Noto bough 132,600 shares for an average price of $4.29 each. Finally, the CEO acquired 318,965 shares for an average price of $4.58 each on Dec. 13.

Investors in SOFI stock will note that Noto spent a good amount to acquire his new shares in the company. In total, the CEO paid about $5 million to expand his stake in the student loan and financing company.

SOFI Shareholders Are Emboldened By the News

It’s almost always a good sign when a CEO picks up more shares of their company’s stock. It sends a sign to investors that the person has confidence in the future of the company. That’s passing on to shareholders today with a rise in price for SOFI stock.

In addition to that, SOFI shares are seeing a decent amount of trading today. As of this writing, more than 39 million shares have changed hands. That’s quickly approaching the daily average trading volume of about 43 million shares.

SOFI stock is up 7.1% as of Wednesday afternoon but down 69.8% year-to-date (YTD).

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/12/why-is-sofi-stock-up-10-today-dec-14/.

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