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Prior to yesterday, high-level executives had seemingly taken a bearish tone on SoFi (NASDAQ:SOFI) stock. On Nov. 2, President of SoFi Bank Chad Morton sold off 152,041 shares worth $1.21 million. That brought his stake down to 157,857 shares, meaning that his sale almost accounted for half of his prior position.
The next day, Chief Risk Officer Aaron Webster dumped 215,299 shares worth $1.74 million on the market. That brought down his stake to 476,221 shares, while his sale also accounted for a large portion of his prior position.
It didn’t stop there, either. On Nov. 6, Chief Marketing Officer Lauren Stafford Webb sold 135,832 shares worth $1.02 million, leaving her with 257,608 shares. All three of the executives sold their shares at average prices ranging between $7.58 and $8.08.
SOFI Stock: CEO Anthony Noto Buys 44,000 Shares
From Nov. 2 to Nov. 6, shares of SOFI stock sunk by about 8%, possibly in response to the insider sales. However, CEO Anthony Noto may have noticed this and decided to take action as a result.
Yesterday, Noto acquired 44,000 shares worth nearly $300,000. The shares were purchased at an average per share price of $6.77, bringing his total stake to 7.23 million shares. This was also Noto’s first insider purchase since May 15.
On the same day, Chief Financial Officer Chris Lapointe reported purchasing 14,950 shares worth about $100,000. The shares were purchased at an average price of $6.69 and increased his stake to 827,068 shares. The transaction marked Lapointe’s first insider purchase since August 2021, when he purchased 3,500 shares in the $14 range. Lapointe now joins Noto as the only other SoFi insider who has purchased shares during the past year.
Over the past year, SoFi insiders have purchased $9.95 million of SOFI stock and have sold off $11.34 million worth of shares. Lapointe is responsible for about $100,000 of the buys while the remainder is attributable to Noto.
On a net basis, SoFi insider sales have still outweighed insider buys this month. Still, Noto and Lapointe’s buys convey a strong message that they have faith in the company.
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.