Why StoneCo Stock Just Jumped 13%
Shares of Cayman Islands-based fintech stock StoneCo (NASDAQ: STNE) enjoyed a 13.2% run-up through 11:30 a.m. ET Monday morning, as investors got their first chance to react to the company's apparent after-hours earnings beat on Friday.
StoneCo closed out its third quarter of 2023 with 3.1 billion reals in revenue and 545 million reals in adjusted pre-tax earnings, "exceeding expectations," as management declared.
Reals are the Brazilian currency, in which StoneCo reports its results -- seeing as it's a Brazilian company, despite being headquartered in the Caymans. There are 4.92 Brazilian reals to the US dollar.
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 €.
