Why Shares of Nu Holdings Are Rising Today
Shares of the Brazilian digital bank Nu Holdings (NYSE: NU) traded roughly 5.6% higher as of 12:15 p.m. ET today for no obvious reason, although the stock, as of this writing, was outpacing broader benchmark indexes.
Nu has sold off pretty intensely this year, down roughly 60%. The company went public toward the end of last year with a huge valuation of more than $41 billion. The Latin American digital bank disruptor has the backing of huge investors like Warren Buffett and Berkshire Hathaway and the large venture capital company Sequoia Capital.
While most tech and fintech companies have been sold off, analysts are still optimistic about Nu, with a median 12-month price target of $6.50 per share, representing more than 62% upside.
Source Fool.com
