What: Shares of BofI Holding (NYSE:AX) are on the move, rising 10.3% as of 1:30 p.m. ET.
So what: BofI Holding has been particularly volatile as of late, after falling from its split-adjusted October high of $35.98 per share.
Likely helping the stock take lift today are two insider buys, both by BofI Holding CEO Greg Garrabrants. Form 4 filings with the SEC reveal that Garrabrants purchased 2,000 shares of stock on the open market on Tuesday at an average price of $18.99 per share.
Garrabrants purchased an additional 1,000 shares on Wednesday at an average price of $18.47. In all, the Internet bank executive owns 919,292 shares of stock after his most recent purchases.
Now what: BofI Holding isn't out of the woods just yet. Garrabrants' most recent purchases are relatively small compared to his stock holdings. And given the severity of the claims made about BofI's relationship with regulators, its behavior in editing transcripts, and the bank's slower loan growth last quarter, there are still plenty of unanswered questions that have naturally spooked its investors.