Why StoneCo Stock Plummeted 27.9% Last Month
StoneCo (NASDAQ: STNE) stock sank by 27.9% in February, according to data from S&P Global Market Intelligence. The Brazilian fintech's valuation declined further as investors sold out of riskier types of stocks, and may also have been impacted by analyst coverage.
Evercore ISI analyst Sheriq Sumar published a note on StoneCo on Feb. 18, giving the stock an "in line" rating (the equivalent to a hold rating) and lowering his one-year price target on it from $40 per share to $19 per share. While that downward revision was substantial, the new price target still suggested roughly 71% upside at the time of the note's publication.
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Source Fool.com
