D1 Capital Partners L.P. Sells 199,000 Shares of Block, Inc. (NYSE:SQ)

D1 Capital Partners L.P. reduced its stake in shares of Block, Inc. (NYSE:SQ) by 10.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,632,342 shares of the technology company’s stock after selling 199,000 shares during the period. Block comprises 2.1% of D1 Capital Partners L.P.’s investment portfolio, making the stock its 16th biggest position. D1 Capital Partners L.P. owned approximately 0.27% of Block worth $109,579,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of SQ. SouthState Corp lifted 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 valued at $26,000 after buying an additional 180 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Block during the 1st quarter valued at approximately $34,000. Unique Wealth Strategies LLC purchased a new stake in shares of Block during the 2nd quarter valued at approximately $34,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Block during the 2nd quarter valued at approximately $44,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Block during the 3rd quarter valued at approximately $46,000. 70.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Block news, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the sale, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at $6,060,820. This trade represents a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amrita Ahuja sold 6,661 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $91.43, for a total transaction of $609,015.23. Following the completion of the sale, the chief financial officer now directly owns 246,967 shares in the company, valued at approximately $22,580,192.81. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,053 shares of company stock valued at $2,393,972 in the last quarter. Insiders own 10.49% of the company’s stock.

Block Price Performance

SQ stock opened at $88.78 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. Block, Inc. has a 52 week low of $55.00 and a 52 week high of $94.12. The firm’s fifty day moving average is $75.61 and its 200 day moving average is $68.61. The firm has a market cap of $55.03 billion, a P/E ratio of 49.88, a P/E/G ratio of 1.20 and a beta of 2.48.

Analysts Set New Price Targets

A number of brokerages recently commented on SQ. Piper Sandler restated an “overweight” rating and set a $83.00 price target on shares of Block in a research note on Monday, November 11th. BMO Capital Markets cut shares of Block from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $94.00 to $100.00 in a research note on Monday. UBS Group lowered their target price on shares of Block from $100.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. BNP Paribas cut shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price on the stock. in a research note on Wednesday, November 20th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. One equities research 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $91.46.

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.