Pictet Asset Management Holding SA Sells 398,329 Shares of Nu Holdings Ltd. $NU

Key Points

• Pictet Asset Management cut its Nu Holdings stake by 8.1%, selling 398,329 shares in the third quarter. It retained 4.50 million shares, worth about $57 million at quarter-end.
• Institutional investors and hedge funds own 84.02% of Nu shares; several large holders, including Assenagon and Maverick Capital, increased their positions.
• Analysts maintain a Moderate Buy consensus, with an average price target of $18.25. NU opened at $12.35, and its latest reported quarter showed $0.22 earnings per share on $5.88 billion in revenue.

Pictet Asset Management Holding SA lessened its stake in shares of Nu Holdings Ltd. (NYSE:NU - Free Report) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,502,618 shares of the company's stock after selling 398,329 shares during the quarter. Pictet Asset Management Holding SA owned about 0.09% of NU worth $56,990,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in shares of NU by 8.6% during the 1st quarter. Bank of America Corp DE now owns 45,966,932 shares of the company's stock valued at $660,545,000 after purchasing an additional 3,656,945 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of NU by 127.0% in the third quarter. Assenagon Asset Management S.A. now owns 38,263,897 shares of the company's stock valued at $484,421,000 after buying an additional 21,405,374 shares during the period. Maverick Capital Ltd. lifted its holdings in shares of NU by 91.6% in the first quarter. Maverick Capital Ltd. now owns 22,444,311 shares of the company's stock valued at $322,525,000 after buying an additional 10,729,747 shares during the period. Squadra Investments Gestao DE Recursos LTDA. lifted its holdings in shares of NU by 266.8% in the first quarter. Squadra Investments Gestao DE Recursos LTDA. now owns 22,312,501 shares of the company's stock valued at $320,631,000 after buying an additional 16,229,515 shares during the period. Finally, Coronation Fund Managers Ltd. boosted its stake in NU by 24.8% during the first quarter. Coronation Fund Managers Ltd. now owns 17,973,549 shares of the company's stock valued at $258,280,000 after buying an additional 3,570,451 shares in the last quarter. 84.02% of the stock is currently owned by institutional investors and hedge funds.

NU Price Performance

NYSE NU opened at $12.35 on Tuesday. Nu Holdings Ltd. has a 1 year low of $11.20 and a 1 year high of $18.98. The business's fifty day moving average is $13.97 and its two-hundred day moving average is $14.33. The stock has a market capitalization of $59.94 billion, a P/E ratio of 16.68, a P/E/G ratio of 0.49 and a beta of 0.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.55 and a current ratio of 0.55.

NU (NYSE:NU - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.22 earnings per share for the quarter. The business had revenue of $5.88 billion during the quarter. NU had a return on equity of 31.59% and a net margin of 18.65%. On average, research analysts forecast that Nu Holdings Ltd. will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling at NU

In other NU news, insider Henrique Camossa Sald Fragelli sold 221,707 shares of NU stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $15.81, for a total transaction of $3,505,187.67. Following the transaction, the insider owned 979,446 shares of the company's stock, valued at $15,485,041.26. The trade was a 18.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Cristina Junqueira sold 25,000 shares of the stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $15.01, for a total transaction of $375,250.00. Following the completion of the sale, the chief executive officer owned 4,877,593 shares of the company's stock, valued at approximately $73,212,670.93. The trade was a 0.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 386,707 shares of company stock valued at $6,001,588.

Analyst Ratings Changes

A number of research analysts recently issued reports on NU shares. UBS Group lifted their target price on NU from $18.20 to $20.50 and gave the stock a "buy" rating in a report on Tuesday, October 20th. Wolfe Research cut their price target on shares of NU from $18.00 to $17.00 and set an "outperform" rating for the company in a report on Tuesday, August 25th. Weiss Ratings lowered shares of NU from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, August 21st. Rothschild & Co Redburn set a $19.00 price objective on shares of NU in a research report on Monday, September 28th. Finally, Susquehanna lifted their price objective on shares of NU from $13.00 to $16.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.25.

About NU

Nu Holdings Ltd., which operates under the Nubank brand, is a digital financial services company founded in Brazil in 2013. It provides banking and related services through mobile apps and other digital channels, with a focus on simplifying access to financial products.

Its offerings include digital accounts, payment cards, credit products, personal loans, and investment services. The company also provides services to small businesses, with products and availability varying by country.

Nu serves customers in Brazil, Mexico, and Colombia.

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