Renaissance Technologies LLC Sells 6,465,460 Shares of Nu Holdings Ltd. $NU

Key Points

• Renaissance Technologies cut its NU position by 28.4% in the first quarter, selling 6,465,460 shares and leaving it with 16,269,800 shares valued at about $233.8 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding 84.02% of NU; several firms added large stakes while director Anita M. Sands also sold 21,000 shares.
• NU stock was down slightly to $14.12, and the company recently reported earnings of $0.19 per share, missing estimates by a penny even as revenue topped expectations at $5.32 billion. Analysts still rate the stock a Moderate Buy with an average target price of $17.24.

Renaissance Technologies LLC decreased its position in Nu Holdings Ltd. (NYSE:NU - Free Report) by 28.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,269,800 shares of the company's stock after selling 6,465,460 shares during the quarter. Renaissance Technologies LLC owned 0.34% of NU worth $233,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in NU during the fourth quarter valued at approximately $763,792,000. Larch Capital Partners LLC purchased a new position in shares of NU during the fourth quarter worth approximately $605,829,000. Jennison Associates LLC lifted its holdings in shares of NU by 82.6% in the 4th quarter. Jennison Associates LLC now owns 39,370,791 shares of the company's stock worth $659,067,000 after acquiring an additional 17,809,644 shares during the last quarter. Atmos Capital Gestao DE Recursos LTDA. lifted its holdings in shares of NU by 109.1% in the 4th quarter. Atmos Capital Gestao DE Recursos LTDA. now owns 29,813,810 shares of the company's stock worth $499,083,000 after acquiring an additional 15,552,726 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of NU by 98.4% in the 3rd quarter. Marshall Wace LLP now owns 29,141,505 shares of the company's stock valued at $466,555,000 after purchasing an additional 14,449,834 shares in the last quarter. Hedge funds and other institutional investors own 84.02% of the company's stock.

Insider Activity

In other news, Director Anita M. Sands sold 21,000 shares of the company's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $12.24, for a total transaction of $257,040.00. Following the completion of the transaction, the director directly owned 162,150 shares of the company's stock, valued at approximately $1,984,716. This represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.20% of the company's stock.

NU Stock Down 0.5%

Shares of NU stock opened at $14.12 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.58 and a current ratio of 0.58. Nu Holdings Ltd. has a 52-week low of $11.20 and a 52-week high of $18.98. The company's 50 day moving average price is $13.02 and its 200-day moving average price is $14.69. The stock has a market capitalization of $68.54 billion, a price-to-earnings ratio of 21.72, a P/E/G ratio of 0.57 and a beta of 0.95.

NU (NYSE:NU - Get Free Report) last posted its quarterly earnings results on Friday, May 15th. The company reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.01). The firm 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%. Equities research analysts forecast that Nu Holdings Ltd. will post 0.83 EPS for the current year.

NU announced that its board has authorized a stock repurchase program on Thursday, June 4th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on NU. Needham & Company LLC began coverage on shares of NU in a report on Friday, June 26th. They set a "buy" rating and a $17.00 target price on the stock. UBS Group lowered their price target on shares of NU from $18.10 to $16.90 and set a "buy" rating for the company in a research note on Wednesday, May 20th. CICC Research began coverage on NU in a research note on Tuesday, April 14th. They set an "outperform" rating and a $18.00 price objective on the stock. Weiss Ratings downgraded NU from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, May 13th. Finally, Susquehanna lowered NU from a "positive" rating to a "neutral" rating and lowered their target price for the company from $18.00 to $13.00 in a research note on Wednesday, June 3rd. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, NU currently has a consensus rating of "Moderate Buy" and an average price target of $17.24.

NU Profile

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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