Brokers Set Expectations for Block, Inc.’s Q1 2024 Earnings (NYSE:SQ)

Block, Inc. (NYSE:SQ) – Equities research analysts at Seaport Res Ptn increased their Q1 2024 earnings estimates for Block in a research report issued on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now anticipates that the technology company will post earnings of ($0.05) per share for the quarter, up from their prior forecast of ($0.06). Seaport Res Ptn currently has a “Buy” rating on the stock. The consensus estimate for Block’s current full-year earnings is $1.02 per share. Seaport Res Ptn also issued estimates for Block’s Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at $0.07 EPS, Q4 2024 earnings at $0.27 EPS, Q1 2025 earnings at $0.25 EPS, Q2 2025 earnings at $0.32 EPS, Q3 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.64 EPS and FY2025 earnings at $1.63 EPS.

Block (NYSE:SQ) last announced its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. Block had a return on equity of 0.63% and a net margin of 0.04%.

Other research analysts have also issued research reports about the stock. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Block in a research report on Tuesday, February 20th. Morgan Stanley reissued an “underweight” rating and set a $60.00 price objective (down from $62.00) on shares of Block in a report on Thursday, April 4th. Wolfe Research lifted their price target on shares of Block from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Monness Crespi & Hardt upped their price objective on shares of Block from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Finally, BTIG Research raised shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $84.41.

Block Stock Down 2.0 %

SQ stock opened at $72.05 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. The firm has a market cap of $44.36 billion, a PE ratio of 430.23, a PEG ratio of 2.16 and a beta of 2.55. Block has a 1 year low of $38.85 and a 1 year high of $87.52. The company has a fifty day simple moving average of $76.68 and a 200 day simple moving average of $65.85.

Institutional Investors Weigh In On Block

Several hedge funds have recently bought and sold shares of SQ. Riverview Trust Co bought a new stake in Block in the 1st quarter valued at about $28,000. Montag A & Associates Inc. increased its stake in Block by 843.2% during the 4th quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock worth $27,000 after acquiring an additional 312 shares during the period. Tidemark LLC bought a new stake in shares of Block during the 4th quarter valued at $32,000. Vima LLC bought a new stake in shares of Block during the 4th quarter valued at $34,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Block during the 1st quarter worth $31,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Block

In related news, insider Brian Grassadonia sold 127,800 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the completion of the transaction, the insider now directly owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the completion of the transaction, the insider now owns 405,224 shares in the company, valued at $26,521,910.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amrita Ahuja sold 4,170 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $78.84, for a total value of $328,762.80. Following the completion of the sale, the chief financial officer now owns 193,192 shares in the company, valued at approximately $15,231,257.28. The disclosure for this sale can be found here. Insiders sold a total of 363,801 shares of company stock worth $27,284,175 in the last three months. Insiders own 10.79% of the company’s stock.

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.