One of the best ways to spot potential opportunities is by tracking insiders. After all, who knows the company better than an insider – the CEO, CFO, COO, officers, employees, and directors? If they’re buying a sizable number of shares, it’s often a good idea to start looking into why and perhaps follow them into the stock.
Look at beaten-down shares of SOFI, for example. After getting crushed over the last year, CEO Anthony Noto just bought another 1.13 million shares for about $5 million. He paid between $4.36 and $4.58 for shares between December 9 and 13, 2022.
On May 4, he bought another 50,000 shares. Then, on May 5, he picked up another 30,000. All as the SOFI stock starts to pivot higher. And, all after the company posted respectable earnings. Just last week, SOFI beat on revenue and EPS. Revenue came in at $460.16 million. EPS was a loss of five cents. Meanwhile, analysts were looking for revenue of $441 million and an EPS loss of seven cents.