SoFi CEO Anthony Noto reveals stock purchases by wife dating back to 2021

SoFi Technologies insiders recently disclosed the stock transactions, some of which occurred more than a year ago, according to SEC filings.

A regulatory filing Tuesday from SoFi (Ticker: SOFI) Anthony Noto showed his wife, Christine Noto, purchased 33,259 shares of the financial services provider from August 2021 through May on the open market for a total of $217,573. Christine Noto paid up to an average of $14.23 per share in a single transaction for 2021, but the total average purchase price for all of her purchases is $6.54 per share.

It bought the most shares — 19,833 shares — on May 5, after the 2022 slump. SoFi stock is down 71% in 2022, and is roughly flat so far this year, including a 9% drop in Monday’s trading.

None of her SoFi stock purchases were previously disclosed, and the 33,259 shares now represent her entire personal holdings in the company.
Company insiders and their spouses usually have two business days to disclose stock transactions to the Securities and Exchange Commission. The SEC declined to comment on the disclosure of Christine Noto’s stock purchase.

SoFi did not immediately respond to requests via emails and a phone call for comment for this article, or for Anthony Noto to be available for comment on the recording. Christine Noto did not immediately respond to a request for comment made via her personal website.

Announcement – scroll to continue

SoFi stock fell on May 1 after the company said in its first-quarter earnings report that personal loan facilities rose in the first three months of the year. Investors seem to have taken this as a warning of future losses.

Part of the reason for the weakness in stocks on Monday may be an analyst’s downgrade, but part of it may be profit-taking. SoFi stock rose 32% in the first quarter of 2023, but after losses this month, shares are down 24% so far in the second quarter.

Shortly after the first-quarter report, Anthony Noto paid $390,218 through May 4 and 5 for a total of 80,000 SoFi shares, at an average price of $4.88 each. He now owns 6.4 million SoFi shares in a personal account. Noto has served as CEO of SoFi since May 2021.

Announcement – scroll to continue

Chief Technology Officer Jeremy Richell sold 200,000 shares of SoFi on Tuesday totaling $1.1 million, with an average price of $5.47 each. He now owns 101,582 shares. Rishel, who joined SoFi in June 2022, also sold 81,000 SoFi shares in March for $523,276, at an average price of $6.46 each. He has no open market stock purchases on record, and most of the shares he owns are from conversions of restricted stock units.

The company did not immediately respond to requests for comment on Rishel’s sales.

Many companies require their executives and directors to buy and sell stocks through trading plans, known as Rule 10b5-1 plans, that automatically execute transactions when preset parameters are met. Their purpose is to eliminate any possibility of insiders benefiting from knowledge of non-public information.

Announcement – scroll to continue

Firms’ proxy data usually reveals whether insiders are required to use trading plans, but SoFi’s most recent proxy doesn’t say so. None of the above transactions were conducted through these tools, the SEC filings indicate.

The Inside Scoop is a regular Barron’s feature that covers stock transactions by corporate executives and board members—called insiders—as well as major shareholders, politicians, and other notable people. Because of their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at [email protected] and follow up @employee.

#SoFi #CEO #Anthony #Noto #reveals #stock #purchases #wife #dating

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top