Shares of Tupperware Brands Corporation (NYSE:TUP) gained 36% on Wednesday, while shares of SoFi Technologies Inc (NASDAQ:SOFI) jumped 24% after the two companies reported better-than-expected second-quarter earnings numbers. The big quarters provided investors with some much-needed relief after extended periods of underperformance for both Tupperware and SoFi, but recent insider purchases in both stocks suggest the strong performance wasn't necessarily a surprise for the two companies' management teams.
Tupperware reported second-quarter adjusted EPS of 41 cents on revenue of $340.4 million, Both numbers exceeded consensus analyst estimates of 25 cents and $330.2 million, respectively. Revenue was down 18% from a year ago.
SoFi reported a second-quarter adjusted EPS loss of 12 cents, beating analyst estimates of a 13-cent loss. Revenue of $356.1 million also exceeded Wall Street expectations of $346.4 million and was up 50% from a year ago.
Related Link: SoFi Q2 Earnings Highlights: Revenue And EPS Beat, Record Revenue And 450K New Members Lead To Raised Full Year Guidance
Insider Buying: Insiders at each company made a killing in the market on Wednesday morning. Here's a recap of recent insider buys at both companies:
Tupperware:
- On 6/10/2022, CEO Miguel Fernandez purchased 35,000 shares worth about $210,000.
- On 6/10/2022, Director Tim Minges purchased 16,500 shares worth about $100,320.
- On 6/10/2022, Executive Vice Chair Richard Goudis purchased 170,000 shares worth about $1.03 million.
- On 6/10/2022, Officer Hector Lezama purchased 33,500 shares worth about $208,370.
- On 6/14/2022, Director Christopher O'leary purchased 26,500 shares worth about $148,400.
- On 6/14/2022, Director Pamela Harbour purchased 45,000 shares worth about $256,500.
- On 6/14/2022, Director James Fordyce purchased 35,000 shares worth about $199,150.
All together, these executives purchased about 361,500 shares of Tupperware stock in June. The stock was up about $2.36 per share on Wednesday morning, meaning these company insiders had generated a total profit of around $853,140 on their recent buys on the day.
Related Link: Tupperware Brands Shares Rip After Huge Q2 EPS Beat
SoFi:
CEO Anthony Noto has been aggressively buying shares of SoFi stock since mid-May. Noto has cumulatively bought 357,548 shares of stock ranging in price from $5.37 to $7.79. Collectively, these purchases represented $2.26 million in SoFi stock.
On May 13, Director Harvey Schwartz also purchased 15,000 shares worth about $97,500.
Noto was a huge winner on Wednesday. His 357,548 shares of recently-purchased stock were up $575,652 on the day.
Benzinga's Take: Just because both of these companies have experienced heavy insider trading in recent months doesn't mean there was anything nefarious about managements' trades. The most recent insider purchase for Tupperware happened about six weeks ago, and Noto has been regularly buying large blocks of SoFi shares going all the way back to early March when the stock was trading at $9.96.
