By closing last Friday’s trading session (14) with a drop of 6.37%, at US$ 8.12 (R$ 44.93), Nubank lost the position of most valuable financial institution in Latin America to Itaú Unibanco.
With a 9.8% devaluation of the shares since the IPO (IPO) on the New York Stock Exchange (NYSE), the fintech reached a market value of approximately US$ 37.422 billion (R $207.1 billion), against something like $41.478 billion when it debuted in early December.
The papers are not traded this Monday (17) because of the holiday in the United States in honor of black activist Martin Luther King.
The one who did well with the recent performance of Nubank ended up being Itaú. Since the fintech went public in the US, Itaú shares have risen by approximately 9.5%.
And with the gains of 0.5% in the conglomerate’s shares traded abroad last Friday, the country’s largest private bank has regained its position as the most valuable in Latin America, as it had been lost to Nubank.
Itaú, which last week bought the digital brokerage Ideal, today has a market value of around US$ 39.059 billion (R$ 215.02 billion), compared to US$ 36.504 billion (R$ 202.02 billion) when the fintech IPO.
Tech stocks like Nubank have generally been under intense pressure from investors on a global scale over the past few weeks. One of the factors that most contributed to the lower enthusiasm of market agents is the beginning of the cycle of high interest rates in the United States.
Many of these companies, such as the digital bank, still face difficulties in making a profit. And, with higher interest rates ahead, this challenge could be even greater, experts point out.
At the beginning of the year, Itaú BBA analysts released a report with an assessment of the performance of Nubank’s shares below the market average [underperform], and target price of US$ 8 (R$ 44.27) in 12 months.
“We see structural challenges for the monetization potential of clients in Brazil, and we expect that the default cycle ahead can generate difficulties for the company. We believe that this scenario can trigger a correction in shares and reduce the market’s perception of the bank profitability”, points out the Itaú BBA report.
According to analysts, Banco Inter is the preferred name in the field of digital banks, as it negotiates at more attractive levels.
Source: Economatica
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