Verition Fund Management LLC grew its position in shares of StoneCo Ltd. (NASDAQ:STNE – Get Rating) by 575.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,840 shares of the company’s stock after purchasing an additional 77,389 shares during the period. Verition Fund Management LLC’s holdings in StoneCo were worth $1,063,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. National Bank of Canada FI increased its stake in shares of StoneCo by 75.8% in the first quarter. National Bank of Canada FI now owns 3,480 shares of the company’s stock worth $41,000 after buying an additional 1,500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of StoneCo in the first quarter worth $60,000. AdvisorNet Financial Inc bought a new stake in shares of StoneCo in the first quarter worth $66,000. Captrust Financial Advisors increased its stake in shares of StoneCo by 281.5% in the first quarter. Captrust Financial Advisors now owns 6,268 shares of the company’s stock worth $73,000 after buying an additional 4,625 shares during the last quarter. Finally, Eaton Vance Management increased its stake in shares of StoneCo by 1,964.2% in the fourth quarter. Eaton Vance Management now owns 7,679 shares of the company’s stock worth $96,000 after buying an additional 7,307 shares during the last quarter. Hedge funds and other institutional investors own 59.69% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on STNE shares. Susquehanna decreased their price objective on shares of StoneCo from $28.00 to $20.00 in a report on Monday, July 11th. Wells Fargo & Company decreased their price objective on shares of StoneCo from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, September 8th. Susquehanna Bancshares decreased their price objective on shares of StoneCo from $28.00 to $20.00 in a report on Monday, July 11th. Finally, The Goldman Sachs Group downgraded shares of StoneCo from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $9.80 to $7.80 in a report on Tuesday, September 6th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.63.
StoneCo Stock Performance
StoneCo (NASDAQ:STNE – Get Rating) last announced its quarterly earnings results on Thursday, August 18th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.20 billion. StoneCo had a negative net margin of 36.63% and a negative return on equity of 7.68%. The company’s revenue for the quarter was up 275.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, equities analysts anticipate that StoneCo Ltd. will post 0.2 earnings per share for the current year.
StoneCo Ltd. provides financial technology 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 technology and solutions to digital merchants through sales and technical personnel and software vendors, as well as sells solutions to brick-and-mortar and digital merchants through sales team.
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