Regal Partners Ltd Makes New Investment in Block, Inc. (NYSE:SQ)

Regal Partners Ltd acquired a new position in shares of Block, Inc. (NYSE:SQ) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 200,000 shares of the technology company’s stock, valued at approximately $13,426,000. Block accounts for about 1.2% of Regal Partners Ltd’s holdings, making the stock its 23rd biggest position.

Other institutional investors also recently bought and sold shares of the company. Plato Investment Management Ltd lifted its position in shares of Block by 19.2% during the third quarter. Plato Investment Management Ltd now owns 18,516 shares of the technology company’s stock worth $1,242,000 after purchasing an additional 2,985 shares in the last quarter. Mizuho Securities Co. Ltd. lifted its position in shares of Block by 238.9% during the third quarter. Mizuho Securities Co. Ltd. now owns 8,710 shares of the technology company’s stock worth $585,000 after purchasing an additional 6,140 shares in the last quarter. Kovack Advisors Inc. lifted its position in shares of Block by 5.4% during the third quarter. Kovack Advisors Inc. now owns 3,286 shares of the technology company’s stock worth $221,000 after purchasing an additional 169 shares in the last quarter. Hartline Investment Corp raised its holdings in Block by 2.1% in the third quarter. Hartline Investment Corp now owns 86,602 shares of the technology company’s stock valued at $5,814,000 after acquiring an additional 1,784 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in Block by 6.7% in the third quarter. Empower Advisory Group LLC now owns 3,934 shares of the technology company’s stock valued at $264,000 after acquiring an additional 246 shares in the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on SQ. Oppenheimer began coverage on shares of Block in a report on Tuesday, October 1st. They issued a “market perform” rating on the stock. Keefe, Bruyette & Woods upped their price target on shares of Block from $71.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 price target on shares of Block in a report on Monday. William Blair raised shares of Block to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company cut their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.30.

Block Price Performance

SQ stock opened at $85.82 on Thursday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. Block, Inc. has a one year low of $53.82 and a one year high of $90.00. The firm has a market capitalization of $52.84 billion, a PE ratio of 48.21, a P/E/G ratio of 1.18 and a beta of 2.48. The firm has a 50-day moving average of $69.67 and a two-hundred day moving average of $67.09.

Insider Buying and Selling at Block

In other news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chrysty Esperanza sold 2,964 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.00, for a total transaction of $237,120.00. Following the completion of the sale, the insider now directly owns 88,607 shares of the company’s stock, valued at $7,088,560. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,678 shares of company stock valued at $1,924,112. 10.49% of the stock is currently owned by corporate insiders.

Block 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.