6 hot insider trades: SoFi, Schwab chiefs buying up shares post SVB | Pro Recap

By Davit Kirakosyan

Investing.com -- Here is your Pro Recap of some of the biggest insider trades you might have missed this past week.

SoFi Technologies CEO buys more shares despite share pressure due to SVB collapse

SoFi Technologies (NASDAQ:SOFI) CEO, Anthony Noto, bought 45,000 shares, or $242,712 worth, at $5.3936.

Earlier this month, Noto bought 180,000 shares, or nearly $1 million worth, at approximately $5.53.

The company’s shares have seen pressure due to the SVB Financial collapse and the resulting banking sector fallout, dropping more than 17% since the start of the month.

Last week, the company issued a statement, asserting its financial health and informing its investors that it does not hold assets with Silicon Valley Bank.

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Charles Schwab CEO buys 50,000 shares

Charles Schwab (NYSE:SCHW) CEO said he bought 50,000 shares of the company during his interview with CNBC on Tuesday.

Last week, Citi upgraded Charles Schwab to Buy from Neutral with a price target of $75.00 (from $83.00), noting it sees a compelling risk/reward at current levels after a significant share price drop last week amid the SVB collapse.

Meanwhile, Credit Suisse upgraded Charles Schwab to Outperform from Neutral with a price target of $67.50 (from $81.50), noting that client sorting will persist, but such risks seem manageable.

The company is scheduled to report its Q1/23 earnings next month. Wall Street analysts expect $0.95 EPS, up from $0.77 last year.

Shares fell nearly 4% this week.

Centene CEO buys $1.9M worth of shares

Centene (NYSE:CNC) CEO, Sarah London, bought 30,000 shares, or nearly $1.9M worth, at $62.60.

Earlier this month, Deutsche Bank downgraded the company to Hold from Buy and cut its price target to $79.00 from $94.00, noting it is increasingly concerned that the risk of redeterminations and the risks to Medicare Advantage membership/profits are not fully reflected in the share price or consensus estimates.

Shares closed the week with a nearly 4% loss.

3 more buybacks

United Airlines (NASDAQ:UAL) Director, Edward Shapiro, bought 25,000 shares, or more than $1M worth, at $42.5859. The purchase brought his stake to 200,000 shares.

Shares have been under pressure recently after the company lowered its outlook. The carrier now expects to report an adjusted loss per share of $0.60-$1.00, a significant negative revision relative to the prior outlook that called for a profit of $0.50-$1.00. Analysts were expecting a profit per share of $0.63.

Shares fell more than 15% this week.

Enovix (NASDAQ:ENVX) Chairman, Thurman John Rodgers, bought 129,111 shares, or $1.35M worth, at $10.47.

Shares gained more than 17% this week.

Devon Energy (NYSE:DVN) sees a couple of insider buys amid recent weakness on lower oil prices, with CEO, Richard Muncrief, purchasing 7,500 shares, or $377,250 worth, at $50.30 and COO Clay Gaspar, purchasing 20,000 shares, or nearly $1M worth, at $49.98.

Shares closed the week with more than a 9% loss.