StoneCo (NASDAQ:STNE) Earns “Buy” Rating from Bank of America

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Bank of America reissued their buy rating on shares of StoneCo (NASDAQ:STNE) in a report issued on Thursday morning, AnalystRatings.com reports. Bank of America currently has a $42.00 price objective on the stock.

A number of other equities research analysts have also recently commented on STNE. Goldman Sachs Group initiated coverage on StoneCo in a report on Monday, June 10th. They set a buy rating and a $37.00 price target on the stock. Susquehanna Bancshares initiated coverage on StoneCo in a report on Friday, May 31st. They set a neutral rating on the stock. Citigroup set a $27.00 price target on StoneCo and gave the company a hold rating in a report on Friday, May 31st. Credit Suisse Group raised StoneCo from a neutral rating to an outperform rating in a report on Monday, July 22nd. Finally, Zacks Investment Research cut StoneCo from a hold rating to a sell rating in a report on Tuesday, May 21st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $34.88.

NASDAQ:STNE opened at $31.70 on Thursday. The business’s 50-day simple moving average is $33.35 and its two-hundred day simple moving average is $30.40. The stock has a market cap of $8.46 billion and a PE ratio of 96.06. StoneCo has a 52 week low of $16.14 and a 52 week high of $45.62.

Several hedge funds have recently modified their holdings of the company. Maverick Capital Ltd. bought a new stake in shares of StoneCo during the second quarter valued at approximately $77,364,000. Magnetar Financial LLC bought a new stake in shares of StoneCo during the second quarter valued at approximately $8,430,000. Tortoise Index Solutions LLC raised its stake in shares of StoneCo by 210.8% during the second quarter. Tortoise Index Solutions LLC now owns 1,691 shares of the company’s stock valued at $50,000 after acquiring an additional 1,147 shares in the last quarter. Temasek Holdings Private Ltd bought a new stake in shares of StoneCo during the second quarter valued at approximately $16,831,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of StoneCo by 253.0% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,883 shares of the company’s stock valued at $115,000 after acquiring an additional 2,783 shares in the last quarter. 37.49% of the stock is currently owned by hedge funds and other institutional investors.

About StoneCo

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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Analyst Recommendations for StoneCo (NASDAQ:STNE)

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