Why Shares of SoFi Are Rising Today
Shares of the one-stop-shop financial services company and digital bank SoFi Technologies (NASDAQ: SOFI) traded more than 8% higher today as of 10:11 a.m. ET after a regulatory filing this morning showed that CEO Anthony Noto recently purchased $5 million worth of shares.
It's always a positive indicator to the market when the CEO of a company purchases the stock because it shows they believe the company is undervalued and the CEO now has skin in the game. Noto purchased the stock for prices ranging from $4.29 to $4.58.
Like many fintech and tech stocks this year, SoFi's stock has been crushed in the face of rising interest rates and market volatility. The stock is down nearly 69% this year.
Source Fool.com
