SoFi's CEO Just Bought $5M In Company Stock — Has The Fintech Hit Rock Bottom?

SoFi Technologies Inc.'s SOFI shares jumped almost 10% on Wednesday after CEO Anthony Noto registered an insider purchase of $5 million in 1.1 million company shares.

The personal finance and online bank had been experiencing headwinds as the Biden administration once again extended the payment pause on federal student loans, which according to a Bank of America analyst, are SoFi’s most profitable line of business.

As if that wasn’t enough, a second blow came to SoFi in late November as lawmakers sent a letter to the Federal Reserve urging officials to review SoFi’s crypto trading activities.

With a strong bet on his own company, the executive is sending out a sign of hope to the company’s shareholders after the stock price hit what might be rock bottom obtaining an all-time low of $4.30 on Monday, the lowest it's ever been since its December 2020 IPO.

Benzinga’s Insider Trading Activity Monitor registered the purchase, from which the CEO augmented his stake in the company by 28.6%.

Noto bought the shares at a price of $4.42 each, which run at a retail price of $4.80 at the time of publication Wednesday.

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