Block (NYSE:SQ) Upgraded by StockNews.com to Sell

StockNews.com upgraded shares of Block (NYSE:SQGet Rating) to a sell rating in a research note published on Friday morning.

SQ has been the topic of a number of other research reports. BMO Capital Markets dropped their price target on Block from $126.00 to $117.00 and set a buy rating on the stock in a research report on Friday, May 20th. JPMorgan Chase & Co. dropped their price target on Block from $150.00 to $107.00 in a research report on Wednesday, July 20th. Susquehanna Bancshares dropped their price target on Block from $160.00 to $100.00 and set a positive rating on the stock in a research report on Tuesday, July 19th. Barclays decreased their price objective on Block from $182.00 to $150.00 in a research note on Monday, May 9th. Finally, Susquehanna decreased their price objective on Block from $160.00 to $100.00 in a research note on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $156.93.

Block Trading Down 2.2 %

SQ stock opened at $87.73 on Friday. The stock’s fifty day simple moving average is $71.37 and its two-hundred day simple moving average is $96.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.97 and a quick ratio of 1.97. Block has a 1-year low of $56.01 and a 1-year high of $286.52.

Block (NYSE:SQGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The technology company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01. Block had a negative return on equity of 3.23% and a negative net margin of 3.00%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s revenue was down 5.8% on a year-over-year basis. On average, equities analysts expect that Block will post -0.77 EPS for the current year.

Insider Activity at Block

In other Block news, insider Alyssa Henry sold 30,770 shares of the business’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $83.38, for a total transaction of $2,565,602.60. Following the completion of the sale, the insider now directly owns 433,543 shares in the company, valued at approximately $36,148,815.34. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Amrita Ahuja sold 4,029 shares of Block stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $62.63, for a total value of $252,336.27. Following the completion of the transaction, the chief financial officer now owns 155,649 shares in the company, valued at $9,748,296.87. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Alyssa Henry sold 30,770 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $83.38, for a total value of $2,565,602.60. Following the transaction, the insider now owns 433,543 shares of the company’s stock, valued at approximately $36,148,815.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 352,686 shares of company stock valued at $25,461,055. 11.52% of the stock is owned by corporate insiders.

Institutional Trading of Block

Several institutional investors and hedge funds have recently modified their holdings of the stock. RFG Advisory LLC grew its holdings in shares of Block by 30.4% during the fourth quarter. RFG Advisory LLC now owns 3,055 shares of the technology company’s stock valued at $493,000 after buying an additional 712 shares during the last quarter. Perfromance Wealth Partners LLC acquired a new position in shares of Block during the 4th quarter worth about $17,046,000. DB Fitzpatrick & Co Inc acquired a new position in shares of Block during the 4th quarter worth about $282,000. Toronto Dominion Bank raised its position in shares of Block by 49.9% during the 4th quarter. Toronto Dominion Bank now owns 77,007 shares of the technology company’s stock worth $12,437,000 after purchasing an additional 25,648 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Block by 30.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 18,362 shares of the technology company’s stock worth $2,966,000 after purchasing an additional 4,258 shares during the last quarter. Institutional investors own 54.56% of the company’s stock.

About Block

(Get Rating)

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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