Ninepoint Partners LP Reduces Stock Holdings in Block, Inc. (NYSE:SQ)

Ninepoint Partners LP reduced its holdings in Block, Inc. (NYSE:SQ) by 9.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,695 shares of the technology company’s stock after selling 1,500 shares during the period. Ninepoint Partners LP’s holdings in Block were worth $1,059,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Capital Impact Advisors LLC boosted its holdings in shares of Block by 2.6% in the 4th quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company’s stock valued at $339,000 after acquiring an additional 138 shares during the last quarter. Washington Trust Advisors Inc. boosted its holdings in Block by 38.7% during the fourth quarter. Washington Trust Advisors Inc. now owns 616 shares of the technology company’s stock worth $48,000 after buying an additional 172 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in Block by 2.9% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 6,328 shares of the technology company’s stock worth $489,000 after buying an additional 180 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Block by 38.4% during the third quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock worth $32,000 after buying an additional 202 shares in the last quarter. Finally, Advisor Partners II LLC boosted its holdings in Block by 5.3% during the first quarter. Advisor Partners II LLC now owns 4,085 shares of the technology company’s stock worth $280,000 after buying an additional 207 shares in the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Trading Down 1.6 %

SQ stock traded down $1.15 during mid-day trading on Friday, hitting $70.91. 2,774,679 shares of the company were exchanged, compared to its average volume of 9,973,880. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $87.52. The firm has a market capitalization of $43.66 billion, a P/E ratio of 432.41, a PEG ratio of 2.18 and a beta of 2.55. The business has a fifty day simple moving average of $76.68 and a 200-day simple moving average of $65.85. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22.

Block (NYSE:SQ) last announced its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Block had a net margin of 0.04% and a return on equity of 0.63%. The business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.69 billion. On average, equities research analysts predict that Block, Inc. will post 1.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SQ has been the topic of a number of recent analyst reports. Truist Financial increased their price target on shares of Block from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Royal Bank of Canada increased their price target on shares of Block from $77.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Citigroup upped their price objective on shares of Block from $76.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. William Blair restated a “market perform” rating on shares of Block in a research report on Friday, February 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Block from $74.00 to $78.00 and gave the stock a “market perform” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.22.

Insider Buying and Selling at Block

In other Block news, CAO Ajmere Dale sold 656 shares of Block stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total transaction of $42,180.80. Following the completion of the sale, the chief accounting officer now directly owns 68,823 shares in the company, valued at $4,425,318.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Ajmere Dale sold 656 shares of Block stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the transaction, the chief accounting officer now owns 68,823 shares in the company, valued at $4,425,318.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction that occurred on Tuesday, February 20th. The shares were 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 of the company’s stock, valued at approximately $26,521,910.80. The disclosure for this sale can be found here. Insiders sold a total of 363,801 shares of company stock worth $27,284,175 over 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.