Nu Holdings Shares Extend Rally as Saudi's PIF Triples Its Holdings
$Nu Holdings (NU.US)$ rallied more than 5% Wednesday, extending gains that came after better-than-expected earnings results, as Private Investment Fund more than tripled its stake in the Brazil-based digital banking platform.
PIF, as Saudi Arabia's sovereign wealth fund is known, on Wednesday reported holding 3.8 million Nu shares in its 13F filing with the U.S. Securities and Exchange Commission. The filing covered the period ended June 30, and the holdings may have changed since then. In the previous three months, PIF reported owning 1.18 million Nu shares.
PIF, as Saudi Arabia's sovereign wealth fund is known, on Wednesday reported holding 3.8 million Nu shares in its 13F filing with the U.S. Securities and Exchange Commission. The filing covered the period ended June 30, and the holdings may have changed since then. In the previous three months, PIF reported owning 1.18 million Nu shares.
The increase in PIF stake in Nu Holdings was reported Wednesday, less than a day after the Brazilian company released its second quarter results that showed profit and revenue surpassing analysts' estimates.
After the market closed Tuesday, Nu released its financial results showing revenue climbed 65% to a record $2.8 billion, beating the $2.66 billion expected by analysts, according to the average of estimates compiled by Bloomberg. Adjusted net income more than doubled to $562.5 billion, climbing above the $451.6 billion average analyst estimate.
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Former editor at Bloomberg, then Lazard Asset Management. Posts aren’t investment advice. Views are just mine.
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