Block (NYSE:SQ) Shares Down 6.7%

Block, Inc. (NYSE:SQGet Rating)’s stock price traded down 6.7% during mid-day trading on Tuesday . The stock traded as low as $69.27 and last traded at $70.24. 70,358 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 11,082,105 shares. The stock had previously closed at $75.25.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Credit Suisse Group dropped their price objective on Block from $180.00 to $170.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 15th. JPMorgan Chase & Co. dropped their price objective on Block from $150.00 to $107.00 in a research note on Wednesday, July 20th. Stephens dropped their price objective on Block from $130.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, August 8th. Robert W. Baird dropped their price objective on Block from $120.00 to $78.00 in a research note on Wednesday, July 20th. Finally, Susquehanna Bancshares dropped their target price on Block from $160.00 to $100.00 and set a “positive” rating on the stock in a research report on Tuesday, July 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and thirty-four have given a buy rating to the stock. According to MarketBeat.com, Block presently has an average rating of “Moderate Buy” and an average price target of $143.02.

Block Stock Down 1.5 %

The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average of $73.77 and a two-hundred day moving average of $90.20.

Block (NYSE:SQGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The technology company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. Block had a negative return on equity of 2.52% and a negative net margin of 3.00%. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the previous year, the firm posted $0.38 EPS. Block’s revenue was down 5.8% compared to the same quarter last year. Analysts forecast that Block, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Alyssa Henry sold 30,770 shares of Block stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $63.47, for a total value of $1,952,971.90. Following the sale, the insider now directly owns 433,543 shares in the company, valued at approximately $27,516,974.21. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Alyssa Henry sold 30,770 shares of the business’s stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $63.47, for a total transaction of $1,952,971.90. Following the transaction, the insider now directly owns 433,543 shares in the company, valued at approximately $27,516,974.21. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Amrita Ahuja sold 4,029 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $62.63, for a total value of $252,336.27. Following the transaction, the chief financial officer now owns 155,649 shares in the company, valued at $9,748,296.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 330,042 shares of company stock worth $23,659,951. Insiders own 11.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SQ. Itau Unibanco Holding S.A. purchased a new stake in shares of Block during the 4th quarter valued at approximately $36,000. Arlington Partners LLC raised its position in shares of Block by 200.0% during the 1st quarter. Arlington Partners LLC now owns 234 shares of the technology company’s stock valued at $32,000 after buying an additional 156 shares during the period. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Block during the 1st quarter valued at approximately $41,000. Ronald Blue Trust Inc. purchased a new stake in shares of Block during the 2nd quarter valued at approximately $43,000. Finally, Global Trust Asset Management LLC raised its position in shares of Block by 588.0% during the 1st quarter. Global Trust Asset Management LLC now owns 516 shares of the technology company’s stock valued at $70,000 after buying an additional 441 shares during the period. 62.26% of the stock is currently owned by institutional investors and hedge funds.

Block Company Profile

(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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