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 Stock
€14.62
-2.880%
StoneCo Ltd is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
With a target price of 16 € there is a slightly positive potential of 9.44% for StoneCo Ltd compared to the current price of 14.62 €.
