Stock Market Today, March 2: SoFi Technologies Rises After CEO Anthony Noto Buys 56,000 Shares
SoFi Technologies (NASDAQ:SOFI), a digital banking and lending platform, closed Monday at $18.39, up 3.55%. The stock is rebounding after a recent decline, with investors watching insider buying by CEO Anthony Noto and ongoing trends in member growth and profitability. Trading volume reached 71.7 million shares, about 26% above its three-month average of 57 million shares. SoFi Technologies IPO'd in 2021 and has grown 51% since going public.
How the markets moved today
The S&P 500 finished Monday nearly flat at 6,880, up 0.02%, while the Nasdaq Composite gained 0.36% to close at 22,749. Within financial technology (FinTech), peers LendingClub closed at $15.05, up 0.94%, and Upstart ended at $28.28, rising 3.86% as lending-focused names stabilized.
What this means for investors
Late in the trading session Monday afternoon, news broke that SoFi’s CEO, Anthony Noto, had bought 56,000 shares of the company’s stock on the open market for roughly $1 million. Open-market purchases like these aren’t particularly frequent, so when they do occur, they often signal a CEO “putting their money where their mouth is.”
This vote of confidence caused a spike in SoFi’s share volume late today, helping the stock rise 4% during market hours, and 2% (as of 6 p.m. ET) after hours. Following SoFi’s 43% pullback from its all-time high, this buying is a welcome sight for investors. In addition to this purchase, SoFi received buy ratings from analysts at JPMorgan, Citizens’ JMP, and Needham in February, highlighting improving sentiment for a possible stock rebound.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Josh Kohn-Lindquist has positions in SoFi Technologies and Upstart. The Motley Fool has positions in and recommends JPMorgan Chase and Upstart. The Motley Fool has a disclosure policy.
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