Block (NYSE:SQ) Shares Up 8.4% on Analyst Upgrade

Block, Inc. (NYSE:SQ)’s stock price was up 8.4% during mid-day trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $71.00 to $80.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Block traded as high as $80.90 and last traded at $80.86. Approximately 4,596,769 shares traded hands during trading, a decline of 43% from the average daily volume of 8,016,324 shares. The stock had previously closed at $74.56.

Other research analysts have also recently issued reports about the company. New Street Research started coverage on Block in a research note on Monday, September 9th. They set a “neutral” rating and a $70.00 price objective on the stock. Needham & Company LLC raised their target price on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer started coverage on Block in a research note on Tuesday, October 1st. They issued a “market perform” rating on the stock. BMO Capital Markets lowered their price objective on shares of Block from $93.00 to $92.00 and set an “outperform” rating for the company in a report on Thursday, October 3rd. Finally, Macquarie restated an “outperform” rating and issued a $100.00 price objective on shares of Block in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.37.

Insider Buying and Selling

In other Block news, CAO Ajmere Dale sold 1,406 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $90,968.20. Following the completion of the sale, the chief accounting officer now owns 90,960 shares of the company’s stock, valued at approximately $5,885,112. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Ajmere Dale sold 1,406 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total transaction of $90,968.20. Following the completion of the sale, the chief accounting officer now owns 90,960 shares of the company’s stock, valued at $5,885,112. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now directly owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,714 shares of company stock worth $1,606,992 in the last three months. Insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Hedge funds have recently bought and sold shares of the stock. SouthState Corp lifted its stake in Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares in the last quarter. LRI Investments LLC purchased a new stake in Block in the 1st quarter worth $34,000. Unique Wealth Strategies LLC purchased a new stake in Block in the 2nd quarter worth $34,000. V Square Quantitative Management LLC purchased a new stake in Block in the 3rd quarter worth $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Block during the 2nd quarter valued at about $44,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Price Performance

The firm’s 50-day moving average price is $68.86 and its 200-day moving average price is $66.92. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $51.35 billion, a PE ratio of 46.10, a PEG ratio of 1.02 and a beta of 2.48.

About Block

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.