StoneCo (NASDAQ:STNE) Trading Down 4.4%

StoneCo Ltd (NASDAQ:STNE) shares dropped 4.4% on Monday . The company traded as low as $35.80 and last traded at $34.49, approximately 51,571 shares were traded during mid-day trading. A decline of 98% from the average daily volume of 2,764,724 shares. The stock had previously closed at $36.07.

STNE has been the topic of a number of recent research reports. Zacks Investment Research cut shares of StoneCo from a “hold” rating to a “sell” rating in a report on Tuesday, May 21st. Cantor Fitzgerald initiated coverage on shares of StoneCo in a report on Friday, June 28th. They issued an “overweight” rating and a $33.00 price objective on the stock. Citigroup set a $27.00 price objective on shares of StoneCo and gave the stock a “hold” rating in a report on Friday, May 31st. Credit Suisse Group upgraded shares of StoneCo from a “neutral” rating to an “outperform” rating in a report on Monday, July 22nd. Finally, Susquehanna Bancshares initiated coverage on shares of StoneCo in a report on Friday, May 31st. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. StoneCo currently has an average rating of “Hold” and an average target price of $34.13.

The company has a 50 day moving average of $33.02. The stock has a market cap of $9.56 billion and a PE ratio of 103.82.

StoneCo (NASDAQ:STNE) last issued its earnings results on Monday, May 13th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.01. The firm had revenue of $142.17 million during the quarter. As a group, research analysts expect that StoneCo Ltd will post 0.79 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Castle Rock Wealth Management LLC lifted its stake in shares of StoneCo by 9.3% in the second quarter. Castle Rock Wealth Management LLC now owns 10,359 shares of the company’s stock worth $309,000 after buying an additional 883 shares in the last quarter. Focused Wealth Management Inc bought a new position in shares of StoneCo in the second quarter worth approximately $30,000. Kwmg LLC bought a new position in shares of StoneCo in the first quarter worth approximately $45,000. Parisi Gray Wealth Management bought a new position in shares of StoneCo in the first quarter worth approximately $102,000. Finally, ProVise Management Group LLC lifted its stake in shares of StoneCo by 26.6% in the second quarter. ProVise Management Group LLC now owns 16,540 shares of the company’s stock worth $489,000 after buying an additional 3,472 shares in the last quarter. Hedge funds and other institutional investors own 37.25% of the company’s stock.

StoneCo Company Profile (NASDAQ:STNE)

StoneCo Ltd. engages in the provision of financial technology solutions. It caters to merchants and partners that conduct electronic commerce across in-store, online, and mobile channels. It offers cloud-based technology platform, electronic payments, and automation of business processes at the point-of-sale.

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