Square, Inc. (SQ) Short Interest Up 26.1% in June

Square, Inc. (NYSE:SQ) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 20,601,496 shares, a growth of 26.1% from the June 15th total of 16,337,893 shares. Based on an average daily volume of 7,164,823 shares, the days-to-cover ratio is presently 2.9 days. Approximately 9.8% of the shares of the company are short sold.

A number of research analysts have issued reports on the stock. Royal Bank Of Canada cut their price target on shares of Square to $18.00 and set a “buy” rating on the stock in a research note on Monday, April 24th. Zacks Investment Research lowered shares of Square from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 25th. Guggenheim lowered shares of Square from a “buy” rating to a “neutral” rating and upped their price target for the company from $19.00 to $20.00 in a research note on Thursday, May 4th. They noted that the move was a valuation call. Instinet upped their price objective on shares of Square from $21.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, May 4th. Finally, BTIG Research reaffirmed a “neutral” rating and issued a $20.00 price objective (down from $21.00) on shares of Square in a report on Monday, May 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $20.86.

Square (NYSE:SQ) opened at 26.19 on Tuesday. Square has a 52-week low of $9.10 and a 52-week high of $26.65. The firm’s 50-day moving average is $22.69 and its 200-day moving average is $17.72. The firm’s market capitalization is $9.80 billion.

Square (NYSE:SQ) last posted its quarterly earnings data on Wednesday, May 3rd. The technology company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. Square had a negative net margin of 5.02% and a negative return on equity of 15.81%. The firm had revenue of $461.55 million for the quarter, compared to analyst estimates of $450.66 million. On average, analysts anticipate that Square will post ($0.19) earnings per share for the current year.

In other Square news, Director James Morgan Jr. Mckelvey sold 90,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $23.36, for a total transaction of $2,102,400.00. Following the transaction, the director now owns 186,308 shares in the company, valued at approximately $4,352,154.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sarah Friar sold 38,400 shares of the company’s stock in a transaction that occurred on Wednesday, April 19th. The shares were sold at an average price of $17.12, for a total transaction of $657,408.00. Following the transaction, the chief financial officer now owns 375,916 shares in the company, valued at approximately $6,435,681.92. The disclosure for this sale can be found here. Insiders have sold a total of 1,296,238 shares of company stock worth $26,804,924 in the last 90 days. 32.68% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Square by 72.1% in the first quarter. Bank of New York Mellon Corp now owns 14,480,815 shares of the technology company’s stock worth $250,229,000 after buying an additional 6,065,730 shares during the period. FMR LLC raised its position in Square by 24.4% in the first quarter. FMR LLC now owns 11,124,126 shares of the technology company’s stock worth $192,225,000 after buying an additional 2,183,127 shares during the period. Vanguard Group Inc. raised its position in Square by 2.3% in the first quarter. Vanguard Group Inc. now owns 10,975,970 shares of the technology company’s stock worth $189,665,000 after buying an additional 241,563 shares during the period. Renaissance Technologies LLC raised its position in Square by 641.8% in the first quarter. Renaissance Technologies LLC now owns 8,578,500 shares of the technology company’s stock worth $148,236,000 after buying an additional 7,422,000 shares during the period. Finally, BlackRock Inc. raised its position in Square by 7,162.2% in the first quarter. BlackRock Inc. now owns 5,383,325 shares of the technology company’s stock worth $93,023,000 after buying an additional 5,309,197 shares during the period. Hedge funds and other institutional investors own 76.60% of the company’s stock.

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About Square

Square, Inc (Square) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment.

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