Zacks Investment Research Downgrades StoneCo (STNE) to Hold

Zacks Investment Research lowered shares of StoneCo (NASDAQ:STNE) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “StoneCo Ltd. provides financial technology solutions. The Company offers end-to-end cloud-based technology platform to conduct electronic commerce, across in-store, online and mobile channels. StoneCo Ltd. is based in Sao Paulo, Brazil. “

A number of other research firms have also recently issued reports on STNE. JPMorgan Chase & Co. began coverage on StoneCo in a report on Monday, November 19th. They issued a neutral rating and a $25.00 price target for the company. Goldman Sachs Group began coverage on StoneCo in a report on Monday, November 19th. They issued a neutral rating and a $25.60 price target for the company. Citigroup began coverage on StoneCo in a report on Monday, November 19th. They issued a buy rating and a $30.00 price target for the company. Finally, Bank of America began coverage on StoneCo in a report on Monday, January 14th. They issued a buy rating and a $26.00 price target for the company. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $26.12.

Shares of NASDAQ:STNE traded up $1.34 on Thursday, hitting $31.68. The stock had a trading volume of 1,116,845 shares, compared to its average volume of 1,323,802. StoneCo has a twelve month low of $16.14 and a twelve month high of $34.50.

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC bought a new position in shares of StoneCo in the fourth quarter valued at about $1,463,000. Norges Bank bought a new stake in StoneCo during the 4th quarter worth about $16,539,000. FMR LLC bought a new stake in StoneCo during the 4th quarter worth about $2,870,000. UBS Oconnor LLC bought a new stake in StoneCo during the 4th quarter worth about $2,632,000. Finally, Zimmer Partners LP bought a new stake in StoneCo during the 4th quarter worth about $184,000. 32.94% of the stock is owned by institutional investors and hedge funds.

StoneCo Company Profile

StoneCo Ltd. provides financial technology solutions that empower merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil. It distributes its solutions, principally through proprietary Stone Hubs, which offer hyper-local sales and services; and technology and solutions to digital merchants through sales and technical personnel and software vendors.

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