SoFi (NASDAQ:SOFI) CEO Anthony Noto has continued his trend of persistent insider buys this year. In the month of November, there have been three insider sales and three insider buys of SOFI stock. Noto is responsible for two of those buys.
Noto’s most recent purchase occurred on Nov. 21. On that day, he purchased 22,500 shares worth about $146,000. These shares were purchased at an average per share price of $6.50. Following the purchase, Noto now owns a total of 7.26 million shares.
Before that, the CEO picked up 44,000 shares worth about $300,000 on Nov. 9. These shares were purchased at an average price of $6.78 per share. The other insider who has purchased shares this month is Chief Financial Officer and PAO Christopher Lapointe, who acquired about $100,000 worth of shares on Nov. 9 at an average per share price of $6.69.
SOFI Stock: CEO Anthony Noto Buys 22,500 Shares
Noto has largely been responsible for most of the insider buys since SoFi’s public debut. Since then, insiders have purchased $15.33 million of shares while selling $1.09 billion of shares. Noto is responsible for $14.08 million of those purchases.
During the past year, insiders have purchased $10.90 million of shares and have sold $11.34 million of shares. Noto was responsible for $9.99 million of the purchases. The rest of the purchases are attributable to Lapointe.
Noto’s purchases come despite SOFI stock being up about 50% so far this year. At the same time, SoFi still has an all-time loss of about 35%.
SoFi reported its third-quarter earnings on Oct. 30. For the period, revenue tallied in at a record high of $537 million, up by 27% year-over-year (YOY), although the company remained unprofitable with a GAAP EPS loss of 29 cents. Still, analysts tracked by Koyfin expect the company to breakeven during the fourth quarter with a GAAP EPS of zero cents. Since Oct. 30, SOFI is down by about 2%, with shares being higher by as much as 17% on Nov. 2.
SoFi’s valuation remains a puzzling question, as many analysts argue that it should be valued as a bank. This was recently echoed by Morgan Stanley analyst Jeffrey Adelson, who has a price target of $7 per share.
On the date of publication, Eddie Pan 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.
