Block, Inc. (NYSE:SQ – Get Free Report) saw a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 10,490,000 shares, a drop of 16.5% from the June 30th total of 12,560,000 shares. Based on an average daily trading volume, of 7,520,000 shares, the days-to-cover ratio is presently 1.4 days.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on SQ. Deutsche Bank Aktiengesellschaft raised their target price on Block from $90.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, July 12th. TD Cowen raised their price objective on Block from $90.00 to $92.00 and gave the company a “buy” rating in a report on Friday, May 3rd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Block in a research note on Monday, June 24th. Canaccord Genuity Group reissued a “buy” rating and issued a $95.00 price target on shares of Block in a research note on Friday, May 3rd. Finally, Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Block in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.64.
Check Out Our Latest Stock Analysis on Block
Insiders Place Their Bets
Institutional Trading of Block
Hedge funds and other institutional investors have recently made changes to their positions in the company. Montag A & Associates Inc. raised its stake in shares of Block by 843.2% during the fourth quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock worth $27,000 after purchasing an additional 312 shares during the last quarter. Riverview Trust Co acquired a new position in Block during the 1st quarter worth approximately $28,000. Tidemark LLC purchased a new position in shares of Block during the 4th quarter worth approximately $32,000. YHB Investment Advisors Inc. acquired a new stake in shares of Block in the 1st quarter valued at approximately $33,000. Finally, Vima LLC purchased a new stake in shares of Block in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.44% of the company’s stock.
Block Stock Down 2.3 %
Block stock traded down $1.40 during mid-day trading on Friday, hitting $60.18. The company had a trading volume of 11,388,681 shares, compared to its average volume of 6,080,625. The stock has a market cap of $37.13 billion, a price-to-earnings ratio of 78.16, a PEG ratio of 1.40 and a beta of 2.52. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.16. Block has a 1 year low of $38.85 and a 1 year high of $87.52. The business has a fifty day moving average of $65.37 and a 200 day moving average of $70.43.
Block (NYSE:SQ – Get Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.15 by $0.32. Block had a net margin of 2.18% and a return on equity of 2.04%. The firm had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.75 billion. On average, sell-side analysts expect that Block will post 1.28 earnings per share for the current fiscal year.
Block Company Profile
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.
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