StoneCo (NASDAQ:STNE) Trading 6.3% Higher

StoneCo Ltd. (NASDAQ:STNE)’s share price rose 6.3% during mid-day trading on Tuesday . The company traded as high as $16.83 and last traded at $16.82. Approximately 833,132 shares were traded during trading, a decline of 84% from the average daily volume of 5,159,013 shares. The stock had previously closed at $15.83.

Wall Street Analysts Forecast Growth

STNE has been the topic of several research reports. Citigroup raised their price target on shares of StoneCo from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group raised shares of StoneCo from a “neutral” rating to a “buy” rating and raised their target price for the stock from $12.00 to $21.00 in a research note on Monday, January 22nd. Barclays upped their price target on StoneCo from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 16th. Bank of America raised their target price on StoneCo from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Finally, UBS Group cut shares of StoneCo from a “buy” rating to a “neutral” rating and boosted their price target for the company from $18.00 to $21.00 in a research report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.64.

StoneCo Price Performance

The company has a market cap of $5.25 billion, a price-to-earnings ratio of 16.55 and a beta of 2.37. The stock’s 50-day simple moving average is $17.14 and its 200 day simple moving average is $14.72. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.25.

Hedge Funds Weigh In On StoneCo

Several large investors have recently made changes to their positions in the stock. Pearl River Capital LLC raised its position in StoneCo by 149.6% in the third quarter. Pearl River Capital LLC now owns 145,045 shares of the company’s stock valued at $1,548,000 after purchasing an additional 86,924 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in StoneCo by 72.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,969,463 shares of the company’s stock worth $31,684,000 after acquiring an additional 1,249,463 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in StoneCo by 103.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,234,520 shares of the company’s stock valued at $13,172,000 after acquiring an additional 628,698 shares during the period. Charles Schwab Investment Management Inc. grew its position in StoneCo by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,147,544 shares of the company’s stock valued at $12,244,000 after acquiring an additional 24,598 shares in the last quarter. Finally, Discovery Capital Management LLC CT purchased a new stake in StoneCo during the second quarter worth about $21,882,000. 73.19% of the stock is currently owned by institutional investors and hedge funds.

About StoneCo

StoneCo Ltd. provides financial technology and software solutions to 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 sells solutions to brick-and-mortar and digital merchants through sales team.