Block (NYSE:SQ) Reaches New 12-Month High – Here’s What Happened

Block, Inc. (NYSE:SQ)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $92.02 and last traded at $91.14, with a volume of 3644598 shares. The stock had previously closed at $90.79.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $88.00 price objective on shares of Block in a research report on Monday, October 21st. Wells Fargo & Company decreased their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group increased their price objective on Block from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Benchmark restated a “buy” rating and issued a $99.00 target price on shares of Block in a report on Friday, August 2nd. Finally, Needham & Company LLC upped their price objective on shares of Block from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.30.

Block Stock Up 1.0 %

The stock has a fifty day moving average of $71.53 and a two-hundred day moving average of $67.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market capitalization of $56.81 billion, a price-to-earnings ratio of 51.03, a P/E/G ratio of 1.14 and a beta of 2.48.

Insider Activity

In related news, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. The trade was a 1.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Ajmere Dale sold 1,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. Following the sale, the chief accounting officer now owns 88,791 shares of the company’s stock, valued at $7,103,280. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,678 shares of company stock valued at $1,924,112. 10.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Block

A number of institutional investors and hedge funds have recently modified their holdings of SQ. SouthState Corp grew its position in shares of Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after purchasing an additional 180 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after acquiring an additional 194 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Block during the first quarter worth about $34,000. Unique Wealth Strategies LLC bought a new position in shares of Block in the second quarter worth approximately $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Block in the 2nd quarter worth approximately $44,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.