Block (NYSE:XYZ) Shares Cross Above Fifty Day Moving Average - What's Next?

Block, Inc. (NYSE:XYZ - Get Free Report)'s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $0.00 and traded as high as $61.65. Block shares last traded at $61.06, with a volume of 9,747,396 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price target on shares of Block in a report on Thursday, February 20th. Needham & Company LLC reissued a "buy" rating and issued a $90.00 price target on shares of Block in a report on Friday, February 21st. UBS Group cut their price target on shares of Block from $98.00 to $97.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Morgan Stanley raised shares of Block from an "underweight" rating to an "equal weight" rating and set a $65.00 price target on the stock in a report on Tuesday, February 25th. Finally, BMO Capital Markets raised shares of Block from a "market perform" rating to an "outperform" rating and cut their target price for the company from $100.00 to $89.00 in a research note on Monday, February 24th. Six research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.31.

Block Trading Up 0.3 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The firm has a market cap of $37.17 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 0.72 and a beta of 2.78.

Block (NYSE:XYZ - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The company had revenue of $6.03 billion for the quarter, compared to analysts' expectations of $6.23 billion. As a group, analysts anticipate that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Activity

In related news, insider Owen Britton Jennings sold 2,836 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $89.38, for a total transaction of $253,481.68. Following the completion of the sale, the insider now directly owns 195,449 shares in the company, valued at approximately $17,469,231.62. The trade was a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 1,467 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $103,159.44. Following the sale, the chief accounting officer now owns 82,499 shares of the company's stock, valued at $5,801,329.68. This trade represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,967 shares of company stock valued at $1,649,113 over the last three months. Insiders own 10.49% of the company's stock.

Institutional Trading of Block

Large investors have recently added to or reduced their stakes in the business. SouthState Corp grew its position in Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company's stock valued at $26,000 after buying an additional 180 shares during the period. Versant Capital Management Inc boosted its position in shares of Block by 67.7% in the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company's stock worth $33,000 after purchasing an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of Block by 48.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company's stock worth $36,000 after purchasing an additional 136 shares during the period. True Wealth Design LLC boosted its position in shares of Block by 64.7% in the third quarter. True Wealth Design LLC now owns 494 shares of the technology company's stock worth $33,000 after purchasing an additional 194 shares during the period. Finally, Rosenberg Matthew Hamilton boosted its position in shares of Block by 18.3% in the fourth quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company's stock worth $83,000 after purchasing an additional 152 shares during the period. 70.44% of the stock is currently owned by institutional investors.

About Block

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.