Noto bought 80,000 SoFi shares last week, building on bigger purchases made over the past six months
SoFi Technologies Inc. Chief Executive Anthony Noto continues to be a buyer of his company’s stock.
Noto purchased 30,000 more shares of SoFi (SOFI) at an average price of $5.1171 on Friday, according to a filing with the Securities and Exchange Commission released Monday. He paid $153,513 in the transaction.
That was in addition to the 50,000 shares of SoFi that Noto scooped up on Thursday at an average price of $4.7341. He paid $236,705 for that block of shares.
SoFi shares, up 5% in Monday’s session, recently changed hands at $5.42.
Noto’s purchase activity came as shares of SoFi sold off sharply to start last week, falling 22% from the close of trading Friday, April 28, to the close of trading Wednesday, May 3. The stock was weighed down as SoFi disappointed with some elements of its earnings report, though the selloff also likely reflected broader pressure on banking names.
The SoFi CEO has taken advantage of past dips in the stock price to load up on shares. He made more sizable purchases in March, when Silicon Valley Bank’s failure caused shares of other banking names to decline sharply. Noto paid $1.24 million to acquire 225,000 shares in aggregate across two March trading sessions.
The March purchases came at prices ranging from $5.37 a share to $5.56 a share.
Back in December, Noto racked up $7.4 million in stock purchases, picking up more than 1.6 million shares of SoFi at prices from $4.28 to $4.69 apiece.
Noto now owns 6.38 million shares of SoFi.