No SoFi (NASDAQ:SOFI) insider has been more bullish than CEO Anthony Noto. On Friday, Noto purchased 30,715 shares at an average price of $6.48 per share. In total, the transaction was worth $199,110 and brought his stake to 8.12 million shares. Noto’s insider buys for 2024 now total $797,342.
Since SOFI stock began trading publicly, insiders have sold $1.22 billion of shares while buying $16.13 million of shares for a net amount of $1.21 billion of shares sold. Noto has been responsible for $14.88 million of the purchases, or 92% of the insider buys. He also hasn’t sold a single share on the open market.
In 2024, Noto has now purchased SOFI stock on four different occasions, as measured by individual Form 4 filings. His last purchase, excluding the most recent one, was on May 24 when he picked up 28,860 shares worth $199,752.
SOFI Stock: CEO Anthony Noto Makes a $199,110 Insider Purchase
Noto’s purchase is quite interesting and timely, as SoFi’s former fourth-largest shareholder reported that it sold its entire stake last week.
On June 13, the Qatar Investment Authority (QIA) sold its 19.84 million share stake in SoFi at an average price of $6.78 per share. In total, the transaction was worth $134.51 million. Ahmed Al-Hammadi, former QIA Chief Investment Officer for Europe, Turkey and Russia, is also a SoFi board member.
Back in 2019, the QIA invested $500 million into the personal finance company at a $4.3 billion valuation. It made its first sale in November 2021, when it sold off 4.68 million shares at $21.60 per share.
Noto’s purchase came one day after the QIA sold its stake. His purchase may have been a signal of conviction following the departure of a major SOFI stock shareholder.
Meanwhile, SoFi has made few announcements since reporting earnings in April. During the first quarter, the company’s revenue grew by 37% to $644.99 million. Its origination volume, which consists of personal, home and student loans, grew by 22% to $4.36 billion.
As for guidance, the company expects 2024 adjusted net revenue between $2.39 billion and $2.43 billion. That was raised from the prior guidance of between $2.365 billion to $2.405 billion.
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.
