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

Block, Inc. (NYSE:SQ) saw a large increase in short interest in 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 days-to-cover ratio is currently 1.4 days.

Block Stock Up 4.8 %

SQ traded up $4.22 during trading on Monday, hitting $92.77. The company had a trading volume of 14,013,830 shares, compared to its average volume of 8,247,938. The company has a market capitalization of $57.50 billion, a PE ratio of 52.12, a PEG ratio of 1.19 and a beta of 2.48. Block has a one year low of $55.00 and a one year high of $95.95. The firm’s 50-day moving average price is $76.53 and its 200 day moving average price is $68.85. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SQ shares. The Goldman Sachs Group raised their price target on Block from $87.00 to $102.00 and gave the company a “buy” rating in a research report on Monday. Canaccord Genuity Group raised their price target on Block from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. BNP Paribas downgraded Block from an “outperform” rating to a “neutral” rating and set a $88.00 price target on the stock. in a research report on Wednesday, November 20th. New Street Research started coverage on Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $88.00 price target on shares of Block in a research 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 given a buy rating to the stock. According to MarketBeat, Block presently has an average rating of “Moderate Buy” and an average target price of $93.21.

Insider Buying and Selling at Block

In related news, insider Brian Grassadonia sold 1,884 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total value of $123,232.44. Following the completion of the sale, the insider now directly owns 574,914 shares in the company, valued at approximately $37,605,124.74. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was 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 owns 90,460 shares of the company’s stock, valued at $6,060,820. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,053 shares of company stock valued at $2,393,972 in the last three months. 10.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Block

Several institutional investors and hedge funds have recently added to or reduced their stakes in SQ. LRI Investments LLC bought a new stake in Block during the 1st quarter worth about $34,000. Swedbank AB bought a new stake in Block during the 1st quarter worth about $2,842,000. Atria Investments Inc lifted its position in Block by 17.8% during the 1st quarter. Atria Investments Inc now owns 58,991 shares of the technology company’s stock worth $4,989,000 after buying an additional 8,926 shares in the last quarter. Cetera Investment Advisers lifted its position in Block by 194.8% during the 1st quarter. Cetera Investment Advisers now owns 104,642 shares of the technology company’s stock worth $8,851,000 after buying an additional 69,146 shares in the last quarter. Finally, Cetera Advisors LLC lifted its position in Block by 100.9% during the 1st quarter. Cetera Advisors LLC now owns 32,843 shares of the technology company’s stock worth $2,778,000 after buying an additional 16,492 shares in the last quarter. 70.44% of the stock is owned by institutional investors.

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.