On August 20, Nu Holdings Ltd. declined 3.05% in regular trading, trading at $14.15 per share, with turnover of $317 million. The broader diversified banking sector exhibited overall weakness, with Bank of America down 0.76%, JPMorgan Chase down 0.86%, Citigroup down 1.0%, Wells Fargo down 1.5%, and Banco Santander down 0.18%.
The decline occurred despite UBS raising its price target on Nu Holdings to $18.20 from $16.90 while maintaining a Buy rating. The stock had previously surged over 11% on August 14 following a strong Q2 earnings report in which net income reached $1.06 billion and revenue of $5.88 billion significantly exceeded the $5.39 billion consensus estimate. After rebounding 3.07% on August 19 on institutional buying signals, the stock resumed its pullback amid broad sector headwinds.
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