Block, Inc. (NYSE:SQ) Position Reduced by Quadrature Capital Ltd

Quadrature Capital Ltd reduced its holdings in Block, Inc. (NYSE:SQ) by 75.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 192,068 shares of the technology company’s stock after selling 582,538 shares during the quarter. Quadrature Capital Ltd’s holdings in Block were worth $12,892,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. SouthState Corp lifted its position in shares of Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after buying an additional 180 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Block by 64.7% in the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after acquiring an additional 194 shares during the period. Unique Wealth Strategies LLC acquired a new stake in shares of Block in the 2nd quarter worth about $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Block in the 2nd quarter worth about $44,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Block in the 3rd quarter worth about $46,000. 70.44% of the stock is currently owned by institutional investors.

Block Stock Performance

Shares of SQ opened at $98.95 on Thursday. Block, Inc. has a one year low of $55.00 and a one year high of $98.95. The company has a 50-day moving average of $77.71 and a two-hundred day moving average of $69.21. The stock has a market cap of $61.33 billion, a price-to-earnings ratio of 55.59, a PEG ratio of 1.26 and a beta of 2.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Wall Street Analyst Weigh In

SQ has been the topic of a number of analyst reports. Oppenheimer initiated coverage on shares of Block in a report on Tuesday, October 1st. They issued a “market perform” rating on the stock. Canaccord Genuity Group increased their price objective on shares of Block from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. BNP Paribas cut shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a report on Wednesday, November 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 price objective on shares of Block in a report on Monday, November 11th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $88.00 price objective on shares of Block in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.21.

Insiders Place Their Bets

In related news, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the sale, the chief accounting officer now directly owns 90,460 shares in the company, valued at approximately $6,060,820. This trade represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 1,884 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $37,605,124.74. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,918 shares of company stock worth $2,666,147 over the last ninety days. 10.49% of the stock is currently owned by company insiders.

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.