FTAC Athena Acquisition Corp
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FTAC Athena Acquisition Corp. is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company has not commenced any business operations. The Company has not generated any revenue.

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SoFi stock rockets after CEO buys $5 million in shares

1:30 pm ET December 14, 2022 (MarketWatch)

By Emily Bary

Financial services company has seen its stock fall about 70% so far this year

SoFi Technologies Inc. shares were getting a major lift Wednesday after the company's chief executive Anthony Noto disclosed a sizable purchase of the stock.

Noto bought about $5 million in SoFi (SOFI) shares from Dec. 9 to Dec. 13, according to a late Tuesday filing with the Securities and Exchange Commission.

Shares of SoFi were ahead more than 7% in Wednesday afternoon action.

Don't miss: Elon Musk has reportedly stopped paying rent on Twitter offices and told staff not to pay vendors

The insider buying signals Noto's confidence in the stock, which has plunged nearly 70% on the year, even taking into account Wednesday's sharp rally. The neobanking company has been able to reap benefits from a banking charter obtained earlier this year, though the company has been hampered by the student-loan moratorium, which has affected demand for SoFi's student-lending products. Demand for home loans has also come under pressure.

There has been a rout this year on growth-oriented fintech stocks, with names like Affirm Holdings Inc. (AFRM), Coinbase Global Inc. (COIN) and Upstart Holdings Inc. (UPST) in the category that has seen major declines.

"[SoFi] is an example of a quality company that faces a difficult narrative," Mizuho analyst Dan Dolev wrote in a note to clients earlier this week. "Although it is seen to be a quality company, the investor base is mixed between FinTech and traditional lending investors who appear to be undecided on [SoFi]'s business model and its valuation."

See also: Mastercard, Fiserv and more payments stocks dubbed favorites for 2023

-Emily Bary


(END) Dow Jones Newswires

December 14, 2022 13:30 ET (18:30 GMT)

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