Block (NYSE:SQ) Sets New 52-Week High – Should You Buy?

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

Analyst Upgrades and Downgrades

SQ has been the topic of several recent research reports. Royal Bank of Canada restated an “outperform” rating and set a $88.00 price target on shares of Block in a research report on Monday, October 21st. UBS Group cut their target price on shares of Block from $100.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. William Blair reiterated an “outperform” rating on shares of Block in a report on Friday. New Street Research started coverage on shares of Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. Finally, Canaccord Genuity Group raised their target price on Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.30.

Block Stock Up 1.0 %

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 business has a 50-day moving average of $71.53 and a 200 day moving average of $67.50. The company has a market capitalization of $56.81 billion, a PE ratio of 51.03, a P/E/G ratio of 1.14 and a beta of 2.48.

Insider Buying and Selling

In related news, CFO Amrita Ahuja sold 6,661 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $430,966.70. Following the transaction, the chief financial officer now owns 264,697 shares of the company’s stock, valued at $17,125,895.90. This represents a 2.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajmere Dale sold 1,406 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now owns 90,960 shares in the company, valued at approximately $5,885,112. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,678 shares of company stock worth $1,924,112. Insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Institutional investors have recently bought and sold shares of the business. SouthState Corp increased its holdings in Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares during the period. True Wealth Design LLC grew its holdings in Block by 64.7% in the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after purchasing an additional 194 shares during the last quarter. LRI Investments LLC purchased a new position in Block in the first quarter worth $34,000. Unique Wealth Strategies LLC purchased a new position in Block in the second quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Block in the second quarter worth $44,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.