Why StoneCo Ltd Stock Just Jumped Another 9%
Just two days after a strong earnings report lifted shares of StoneCo Ltd (NASDAQ: STNE) in the double digits, and one day after a stock market rally kept this Stone defying gravity, shares of the Cayman Islands-based fintech stock continued their rise on Wednesday, gaining 8.9% through 10:45 a.m. ET.
Clearly, StoneCo is rolling along and gathering no moss -- but why?
Well, basically, because StoneCo just announced a big buyback of its own stock -- up to 1 billion Brazilian reals-worth of its stock, or US$205.8 million. Management explained that the new repurchase authorization replaces and expands upon a previous authorization that had seen the company spend about $59 million buying back stock.
Source Fool.com
StoneCo Ltd Aktie
8,68 €
0,32 %
Positive Stimmung für StoneCo Ltd mit mehreren Buy-Einschätzungen, keine Sell-Einschätzungen.
Für StoneCo Ltd ergibt sich mit einem Kursziel von 16 € eine mögliche Steigerung von über 50% gegenüber 8.68 €.
