PDT Partners LLC Sells 8,216 Shares of Block, Inc. (NYSE:SQ)

PDT Partners LLC reduced its holdings in shares of Block, Inc. (NYSE:SQ) by 11.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,964 shares of the technology company’s stock after selling 8,216 shares during the quarter. PDT Partners LLC’s holdings in Block were worth $4,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. SouthState Corp boosted its holdings in Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. LRI Investments LLC acquired a new stake in Block in the 1st quarter valued at $34,000. Unique Wealth Strategies LLC bought a new stake in Block during the 2nd quarter worth about $34,000. V Square Quantitative Management LLC acquired a new position in shares of Block during the 3rd quarter worth about $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Block in the 2nd quarter valued at about $44,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Block

In related news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the transaction, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Amrita Ahuja sold 5,935 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total transaction of $388,920.55. Following the sale, the chief financial officer now owns 255,496 shares in the company, valued at $16,742,652.88. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,053 shares of company stock worth $2,393,972. Company insiders own 10.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. New Street Research initiated coverage on Block in a report on Monday, September 9th. They set a “neutral” rating and a $70.00 target price on the stock. BMO Capital Markets cut Block from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $94.00 to $100.00 in a research note on Monday, November 25th. William Blair reissued an “outperform” rating on shares of Block in a report on Friday, November 15th. Canaccord Genuity Group boosted their target price on shares of Block from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $83.00 price target on shares of Block in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.46.

Block Stock Performance

Shares of NYSE:SQ opened at $88.51 on Friday. Block, Inc. has a 12-month low of $55.00 and a 12-month high of $94.12. The company’s 50 day moving average price is $76.03 and its two-hundred day moving average price is $68.74. The firm has a market cap of $54.86 billion, a PE ratio of 49.72, a PEG ratio of 1.20 and a beta of 2.48. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

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.