SoFi CEO Noto scooped up more stock as it sold off after earnings

The purchase came as SoFi’s shares had sold off 22% from the close of trading the prior Friday to the close on Wednesday. 

SoFi shares ended up closing higher, at $4.90, on Thursday, the day of Noto’s transaction, and they rallied again Friday, to finish that session at $5.16. 

The company reported first-quarter earnings on the morning of Monday, May 1, showing a beat on headline metrics but a decline in the number of accounts for its technology-platform business. Additionally, SoFi raised its outlook that day by less than the amount it beat expectations in the first quarter, and it showcased a lull in loan sales during the most recent period.

Noto bought up more than $1 million in SoFi stock this March as it came under pressure due to the Silicon Valley Bank fallout. He also purchased $7.4 million in stock at prices below $4.60 a share back in December. 

He now owns 6.35 million SoFi shares.

Insiders at other financial-services companies have used the recent sector selloff to scoop up stock as well. Andrew “Randy” Paine, who heads institutional banking at KeyCorp

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spent more than $700,000 to buy up shares of his company Wednesday. Evan Bayh, a director at Fifth Third Bancorp

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paid just under $125,000 for stock Wednesday as well.