Why Shares of Nu Holdings Are Rising Today
Shares of the Brazilian digital bank Nu Holdings (NYSE: NU) traded roughly 11.4% higher as of 2:37 p.m. ET today after a large, well-known institutional investor revealed that it has taken a position in the company.
The large Japanese conglomerate and tech investor SoftBank (OTC: SFTBF) revealed in its 13F filing, which shows what stocks the company bought and sold between April 1 and June 30, that it has purchased 22 million shares of Nu valued at nearly $82.3 million.
That means the average cost of shares purchased by SoftBank was $3.74. That's right around the bottom of where the stock traded at its lows in June. SoftBank had been named as an investor in Nu before the company went public, along with Berkshire Hathaway. But NU was not listed among SoftBank's holdings in its 13F for the first quarter of the year.
Source Fool.com
