On September 22, Nu Holdings Ltd. rose 3.04% in regular trading, trading at $14.075/share, with turnover of $549 million. The stock's gain was primarily driven by the company's recent announcement of formally launching operations in the United States.
Nu Holdings Ltd. officially started US operations with the launch of a full suite of financial products, including Nu Global, a new multi-currency account with free money transfers available in over 35 countries. The company also partnered with an FDIC-insured host bank to offer deposit accounts with a 3.50% annual percentage yield, marking a substantive step in its North American expansion. The digital bank had received preliminary conditional approval in January and has been rolling out products through a partner-bank model.
While Itau BBA recently downgraded the stock from Outperform to Market Perform and lowered its price target from $20 to $18, the consensus mean target among analysts polled by FactSet remains at $18.50, representing significant upside from current levels. Institutional activity has also been supportive, with Lone Pine Capital previously disclosing a 24.2% increase in its holdings to 47.2 million Class A shares.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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