Pictet Asset Management Holding SA Sells 250,368 Shares of Nu Holdings Ltd. $NU

Key Points

• Pictet Asset Management reduced its Nu Holdings stake by 5.3% in Q1, selling 250,368 shares and leaving it with 4.5 million shares valued at about $64.6 million.
• NU reported mixed quarterly results, posting EPS of $0.19 versus the $0.20 estimate while revenue came in above expectations at $5.32 billion.
• Analysts remain cautious but mostly constructive: NU has a “Moderate Buy” consensus with a $17.07 price target, even as several firms recently cut ratings or price targets.

Pictet Asset Management Holding SA trimmed its stake in Nu Holdings Ltd. (NYSE:NU - Free Report) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,495,568 shares of the company's stock after selling 250,368 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.09% of NU worth $64,568,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sowell Financial Services LLC increased its stake in shares of NU by 4.8% during the 4th quarter. Sowell Financial Services LLC now owns 12,952 shares of the company's stock worth $217,000 after purchasing an additional 599 shares during the last quarter. Parallel Advisors LLC lifted its stake in NU by 3.7% in the fourth quarter. Parallel Advisors LLC now owns 16,820 shares of the company's stock valued at $282,000 after purchasing an additional 601 shares during the last quarter. MBM Wealth Consultants LLC lifted its stake in NU by 1.2% in the fourth quarter. MBM Wealth Consultants LLC now owns 50,284 shares of the company's stock valued at $842,000 after purchasing an additional 607 shares during the last quarter. Cornerstone Wealth Group LLC grew its holdings in NU by 1.2% during the fourth quarter. Cornerstone Wealth Group LLC now owns 51,724 shares of the company's stock valued at $866,000 after purchasing an additional 621 shares during the period. Finally, Aptus Capital Advisors LLC grew its holdings in NU by 3.4% during the fourth quarter. Aptus Capital Advisors LLC now owns 19,008 shares of the company's stock valued at $318,000 after purchasing an additional 624 shares during the period. 84.02% of the stock is owned by institutional investors.

NU Stock Down 0.6%

NU stock opened at $13.10 on Tuesday. Nu Holdings Ltd. has a 1-year low of $11.20 and a 1-year high of $18.98. The firm has a market capitalization of $63.59 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 0.53 and a beta of 0.95. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.36. The firm has a 50 day simple moving average of $13.14 and a 200 day simple moving average of $15.05.

NU (NYSE:NU - Get Free Report) last issued its earnings results on Friday, May 15th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.01). The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.06 billion. NU had a net margin of 18.20% and a return on equity of 30.91%. On average, analysts predict that Nu Holdings Ltd. will post 0.83 earnings per share for the current year.

NU declared that its board has authorized a share buyback plan on Thursday, June 4th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NU. Scotiabank lowered NU to a "sector perform" rating and set a $13.00 target price on the stock. in a research note on Wednesday, June 3rd. Itau BBA Securities reiterated an "outperform" rating on shares of NU in a research note on Tuesday, March 17th. Weiss Ratings lowered NU from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, May 13th. Susquehanna cut NU from a "positive" rating to a "neutral" rating and lowered their price objective for the company from $18.00 to $13.00 in a research note on Wednesday, June 3rd. Finally, UBS Group dropped their price objective on shares of NU from $18.10 to $16.90 and set a "buy" rating on the stock in a report on Wednesday, May 20th. Ten research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.07.

Insider Buying and Selling at NU

In related news, Director Anita M. Sands sold 21,000 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $12.24, for a total transaction of $257,040.00. Following the sale, the director directly owned 162,150 shares in the company, valued at approximately $1,984,716. The trade was a 11.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

About NU

Nu Holdings Ltd NYSE: NU, commonly known by its consumer brand Nubank, is a Latin American financial technology company that provides digital banking and financial services through a mobile-first platform. The company’s core offerings include no-fee digital checking accounts, credit cards, personal loans, payments and transfers, and a range of savings and investment products. Nubank emphasizes a streamlined customer experience delivered via its smartphone app, combined with data-driven underwriting and automated customer service tools.

Founded in 2013 by David Vélez, Cristina Junqueira and Edward Wible, Nu grew rapidly by targeting underbanked and digitally savvy consumers in Latin America with low-fee, transparent products.

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