Short Interest in Block, Inc. (NYSE:SQ) Expands By 23.5%

Block, Inc. (NYSE:SQ) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 9,990,000 shares, an increase of 23.5% from the October 31st total of 8,090,000 shares. Based on an average daily volume of 7,120,000 shares, the short-interest ratio is presently 1.4 days.

Block Stock Performance

Shares of NYSE SQ traded up $4.22 during midday trading on Monday, hitting $92.77. 14,013,830 shares of the company’s stock traded hands, compared to its average volume of 8,247,938. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a market capitalization of $57.50 billion, a price-to-earnings ratio of 52.12, a price-to-earnings-growth ratio of 1.19 and a beta of 2.48. The firm has a fifty day moving average of $76.53 and a 200 day moving average of $68.85. Block has a 1 year low of $55.00 and a 1 year high of $95.95.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SQ shares. William Blair reaffirmed an “outperform” rating on shares of Block in a research note on Friday, November 15th. The Goldman Sachs Group boosted their price objective on shares of Block from $87.00 to $102.00 and gave the company a “buy” rating in a research report on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $88.00 target price on shares of Block in a research note on Monday, October 21st. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target on shares of Block in a research report on Monday, November 11th. Finally, BNP Paribas lowered Block from an “outperform” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.21.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 1,884 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total transaction of $123,232.44. Following the sale, the insider now owns 574,914 shares in the company, valued at $37,605,124.74. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the transaction, the chief accounting officer now owns 90,460 shares in the company, valued at $6,060,820. This trade represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,053 shares of company stock worth $2,393,972. Insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Synovus Financial Corp lifted its position in shares of Block by 18.6% during the 3rd quarter. Synovus Financial Corp now owns 10,174 shares of the technology company’s stock valued at $683,000 after buying an additional 1,593 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of Block by 38.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 9,893 shares of the technology company’s stock worth $664,000 after purchasing an additional 2,728 shares during the period. Sanctuary Advisors LLC boosted its position in shares of Block by 7.5% in the third quarter. Sanctuary Advisors LLC now owns 52,412 shares of the technology company’s stock worth $3,518,000 after purchasing an additional 3,639 shares during the period. Hohimer Wealth Management LLC increased its stake in shares of Block by 3.8% in the third quarter. Hohimer Wealth Management LLC now owns 15,833 shares of the technology company’s stock worth $1,063,000 after purchasing an additional 580 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Block by 15.8% during the 3rd quarter. TD Private Client Wealth LLC now owns 2,066 shares of the technology company’s stock valued at $139,000 after purchasing an additional 282 shares during the period. 70.44% of the stock is currently owned by 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.