THE CVM (Securities and Exchange Commission) questioned the Hey (OIBR3) after a surge in share trading volume, shows a document sent to the market this Wednesday (25).
In the last five sessions, the OIBR3 stock has surged by 90%. In this session alone, the high was 34.62%, at R$ 2.10. Already the preferred paper rose 19.95%, to R$ 4.93 in this session.
The daily traded volume jumped from BRL 32 million to BRL 46 million.
According to the company, there are no relevant acts that, in its understanding, could justify possible atypical fluctuations in the number of trades and in the traded quantity of the company’s shares, in addition to those already widely disclosed to the market.
And in fact, there were no reports or facts to justify this shot.
Second Rafael Passos, analyst partner at Ajax Asset, who drove the flow of Hey was the local investor. For him, it may be that investors are setting up a position to take advantage of the rise in the stock exchange, which rose 1% this Wednesday driven by foreigners.
Analysts remain skeptical of Oi
Last Monday, analysts at the UBS cut the price target for the company’s shares by 78%, citing risk to thesis.
For Leonardo Olmos and the bank’s team of analysts, some points that were open for the company did not follow in a favorable direction for the Hey.
Among them, telecom left the judicial recovery process with a gross debt of R$ 22 billion; leverage remains above 10 times the net debt/Ebitda ratio (earnings before interest, taxes, depreciation and amortization) of Hey; and there is a lack of a definitive agreement with the creditors regarding the renegotiation of the company’s debt.
In the first week of January, Santander had also downgraded Oi’s share from BRL 0.90 to BRL 0.15 in 2023, in addition to changing the “maintenance” recommendation to “below market”, the equivalent of a sale.
According to analysts Felipe Cheng and Cesar Davanço, the reduction in the target price is mainly explained by higher-than-expected cash consumption in the first 9 months of 2022 and lower operating estimates for the short to medium term.
“We believe that the company should continue to face operational challenges in the coming years, marked by a still high level of cash burn in 2023”, he says.
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