What happened to Cogna (COGN3)?

What happened to Cogna (COGN3)?
What happened to Cogna (COGN3)?
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02/02/2024 19:46

Cogna (COGN3) Photo: Disclosure

The actions of Cogna (COGN3) ended this Friday’s session (2) with a drop of 6.94%, quoted at R$ 2.68. The day’s low reached R$2.51, which would represent a drop of up to 12.85%.

Thus, the Cogna quote reached the lowest closing level since November 8, 2023, when the closing price on the Stock Exchange had been R$2.62.

In addition to being the main highlight of Ibovespa’s decline today (2), the Cogna shares had a weekly devaluation of 11.55%.

In this weekly scenario, the company’s shares had the second biggest drop, surpassing only the performance of Casas Bahia (BHIA3), which fell 17.24%.

This tendency to Cogna shares fall was observed throughout the month of January. The monthly performance of the shares was negative at 16.33%, interrupting the positive sequence seen in November and December of last year (+34.58% and +8.05%, respectively).

What happened to Cogna shares?

As highlighted by Daniely Holanda, specialist in capital markets and partner at Matriz Capital, the Cogna action It is one of those that are sensitive to interest data, having “a strong impact with today’s payroll result”.

The United States payroll was almost 90% above market consensus, with the creation of 353 thousand jobs in the country in January, while the expectation was for 187 thousand jobs.

But one of the issues that resonated most among investors COGN3 shares Today (2) was the downgrade of BTG Pactual bank’s recommendation from neutral to sale.

The target price for Cogna shares was also reduced by 23.5%, from R$3.40 to R$2.60, which would correspond to a price almost 3% lower in relation to this Friday’s closing price- fair (2).

The downgrade of the recommendation and the cut in the target price happened after BTG analysts observed that Cogna is “expensive” in relation to its multiples.

“The company also has weak earnings dynamics and negative estimates for the balance sheet in the market consensus”, said analysts Samuel Alves and Yan Cesquim about the Cogna.

The article is in Portuguese

Tags: happened Cogna COGN3

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