Down Nearly 50% From Its High, Is It Finally Time to Buy This Buffett Stock?
Nu Holdings (NYSE: NU) continues to demonstrate extraordinary growth despite a pressured economy, so much so that it has turned a profit for the past two consecutive quarters. It debuted on the stock market just over a year ago as an unprofitable fintech, but it's catching investors' eyes as it becomes a dominant presence in Latin America.
It caught Berkshire Hathaway's attention even before its market debut, and the Warren Buffett-led holding company invested $500 million in Nu in June 2021. So far, Nu stock's performance has been underwhelming, despite the company's outstanding performance, and it's nearly 50% off of its first-day closing price. As it keeps posting high growth and turns a profit as it scales, is it finally time to buy?
Nu has rapidly grown from its beginnings as a small fintech disruptor, going from 4% of the Brazilian market in 2018 to 44% as of the end of 2022. It operates under the Nubank banner, offering a suite of digital financial services such as online banking accounts and investment portfolios.
Source Fool.com
