Why DLocal Stock Got Thrashed on Thursday

Fintech stock DLocal (NASDAQ: DLO) wasn't a good place to park anyone's money on Thursday. On news of a large chunk of shares being sold by an institutional investor, the company's stock dived by nearly 8%. The benchmark S 500 index fared much better, closing the day almost 1% higher.

Before market open, DLocal announced that one of its major shareholders is launching a secondary offering of its Class A common stock. An unnamed entity associated with a business called General Atlantic will offer 15 million such shares at a price of $12.75 apiece. That level is well below DLocal's Wednesday closing price, hence the subsequent investor sell-off.

Source Fool.com