Why Block, StoneCo, and Lemonade Shares Were Plunging Today

Shares of fintech leaders Block (NYSE: SQ), StoneCo (NASDAQ: STNE), and Lemonade (NYSE: LMND) fell hard on Thursday, down 6.3%, 5.5%, and 6%, respectively, as of 2:15 p.m. ET today.

There wasn't much in the way of news coming from any of these companies today, although StoneCo was downgraded by a Wall Street analyst last night. The downward move by these three companies, as well as other high-growth stocks today, points to a general decline in growth stocks due to an upward move in long-term bond yields.

Late on Wednesday, StoneCo saw its price target slashed by Goldman Sachs analysts, from $19 to $12, while maintaining a neutral rating on the stock. That compares with the stock falling below $10 today.

Source Fool.com