Block Target of Unusually Large Options Trading (NYSE:SQ)

Block, Inc. (NYSE:SQ - Get Free Report) was the target of some unusual options trading activity on Monday. Stock traders bought 124,884 call options on the stock. This represents an increase of 105% compared to the average volume of 60,808 call options.

Insider Activity

In related news, insider Brian Grassadonia sold 8,328 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the sale, the insider now owns 580,086 shares of the company's stock, valued at approximately $37,572,170.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Ajmere Dale sold 500 shares of the company's stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $61.88, for a total transaction of $30,940.00. Following the transaction, the chief accounting officer now owns 92,366 shares of the company's stock, valued at approximately $5,715,608.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,214 shares of company stock worth $1,637,932 over the last ninety days. 10.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SQ. SouthState Corp increased its holdings in shares of Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company's stock valued at $26,000 after acquiring an additional 180 shares during the last quarter. LRI Investments LLC bought a new position in shares of Block in the 1st quarter worth about $34,000. Unique Wealth Strategies LLC acquired a new position in shares of Block in the 2nd quarter valued at about $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Block in the second quarter valued at approximately $44,000. Finally, V Square Quantitative Management LLC acquired a new position in Block during the 3rd quarter valued at approximately $46,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Stock Up 11.9 %

Shares of Block stock traded up $8.85 on Monday, hitting $83.41. 20,883,543 shares of the company's stock traded hands, compared to its average volume of 8,090,980. Block has a 52-week low of $50.86 and a 52-week high of $87.52. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26. The stock has a market cap of $51.35 billion, a P/E ratio of 46.10, a PEG ratio of 1.02 and a beta of 2.48. The firm's 50-day moving average is $68.86 and its 200 day moving average is $66.92.

Wall Street Analysts Forecast Growth

SQ has been the subject of several analyst reports. Benchmark reiterated a "buy" rating and issued a $99.00 target price on shares of Block in a research note on Friday, August 2nd. BMO Capital Markets cut their price objective on shares of Block from $93.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, October 3rd. William Blair upgraded shares of Block to a "strong-buy" rating in a report on Wednesday, July 31st. Morgan Stanley cut their price target on shares of Block from $60.00 to $55.00 and set an "underweight" rating on the stock in a research note on Tuesday, July 30th. Finally, Macquarie reissued an "outperform" rating and set a $100.00 price objective on shares of Block in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $90.37.

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.