CEO buys SoFi stock in bullish sign— should you follow?
How’s this for a bullish sign for SoFi stock?
Earlier this week, it was revealed that SoFi CEO Anthony Noto added another 30,715 shares — valued at close to $200,000 — to his already enormous holdings.
Noto now owns more than 8 million (!) shares in the company he runs, showing a great deal of confidence in the fintech stock’s future prospects.
He picked up his latest shares CHEAP, too, with an average price of $6.48.
Finally, some good news
This was some badly needed good news for SoFi after the former fourth-largest shareholder, the Qatar Investment Authority, dumped its entire stake the week before.
SoFi is down about 33% already this year.
With an average analyst target of $8.53, which suggests a 32% upside, the shares definitely seem to be trading at a discount however.
I sold my shares when the company dumped a surprise share offering on owners recently, but the CEO’s confidence definitely has me intrigued.
Should I get in now?
Do you think it’s a bullish sign and will you follow Noto’s lead?
Let me know in the comments!
