STNE stock rose 12 percent on Friday, November 22, 2019, after the company reports Q3 adj. net income of R$582.1M, up 62.1% year-over-year. The company reports Q3 revenue of R$201.9M, up 126% year-over-year.

Stone Co. is a leading provider of financial technology solutions in Brazil that empower merchants to conduct commerce seamlessly across multiple channels and help them grow their businesses.

“This quarter we reached a total base of 428,900 active clients and continued the roll-out of our new software, credit and banking solutions. We are looking forward to launching our integrated financial platform in the first quarter of 2020, which will represent an unparalleled combination of a unique financial platform with best-in-class customer service.

Despite our strong growth and expansion, I am pleased that we have continued to maintain our high NPS by staying focused on our client relationships, delivering a differentiated value proposition and providing high quality customer service across the organization. This is always our top priority.

We have also been able to attract many new talented people to join us in our journey through one of the biggest recruiting processes in the country. We completed our 2019 recruiting process with a total of ~109,000 applications from people who wanted to work for Stone, compared to ~29,000 in 2018. We continue to be inspired and humbled by the strong demand of talented people across the country who want to join our mission and be part of our team,” wrote CEO Thiago Piau.

Cantor Fitzgerald analyst Joseph Foresi raised his price target for StoneCo to $40 from $39 saying the company reported “strong” Q3 results. StoneCo continues to see strength in its end market penetration, contends Foresi, who maintains an Overweight rating on the shares. He believes the company is positioned to gain market share in the “rapidly evolving” Brazil payment industry.

finviz dynamic chart for  STNE

STNE stock chart shows a bullish Symmetrical Triangle breakout pattern.

The 3-month change in institutional ownership is 5.16%.