Townsquare Capital LLC Has $3.95 Million Stock Position in Block, Inc. (NYSE:SQ)

Townsquare Capital LLC lifted its stake in Block, Inc. (NYSE:SQ - Free Report) by 192.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 58,873 shares of the technology company's stock after acquiring an additional 38,748 shares during the quarter. Townsquare Capital LLC's holdings in Block were worth $3,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SQ. SouthState Corp boosted its stake in shares of Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company's stock worth $26,000 after acquiring an additional 180 shares during the period. LRI Investments LLC bought a new position in Block during the first quarter worth $34,000. Unique Wealth Strategies LLC acquired a new position in shares of Block in the second quarter valued at $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Block in the second quarter valued at about $44,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Block during the 3rd quarter worth about $46,000. Institutional investors own 70.44% of the company's stock.

Block Trading Down 0.3 %

SQ traded down $0.23 during trading on Friday, reaching $88.55. 4,527,358 shares of the company's stock were exchanged, compared to its average volume of 8,223,036. The stock has a market capitalization of $54.88 billion, a PE ratio of 49.75, a price-to-earnings-growth ratio of 1.20 and a beta of 2.48. The firm has a fifty day moving average price of $76.03 and a two-hundred day moving average price of $68.72. 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 $55.00 and a one year high of $94.12.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SQ. New Street Research started coverage on shares of Block in a research note on Monday, September 9th. They issued a "neutral" rating and a $70.00 price target on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $83.00 target price on shares of Block in a research report on Monday, November 11th. Wells Fargo & Company dropped their price target on Block from $95.00 to $85.00 and set an "overweight" rating for the company in a report on Friday, August 2nd. Canaccord Genuity Group upped their price objective on Block from $95.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Finally, BNP Paribas downgraded Block from an "outperform" rating to a "neutral" rating and set a $88.00 target price for the company. in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $91.46.

Insider Activity at Block

In other news, insider Brian Grassadonia sold 8,328 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.18, for a total value of $759,347.04. Following the sale, the insider now directly owns 563,894 shares of the company's stock, valued at approximately $51,415,854.92. This represents a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Chrysty Esperanza sold 2,964 shares of Block stock in a transaction 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 transaction, the insider now directly owns 88,607 shares of the company's stock, valued at $7,088,560. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,053 shares of company stock worth $2,393,972 over the last three months. Company insiders own 10.49% of the company's stock.

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.