Gator Capital Management LLC Sells 16,890 Shares of Block, Inc. $XYZ

Key Points

• Gator Capital Management LLC cut its stake in Block by 53.8% in the third quarter, selling 16,890 shares and leaving it with 14,510 shares valued at about $1,049,000.
• Block beat earnings expectations for the quarter, reporting $0.65 EPS vs. the $0.26 consensus and $6.25 billion in revenue, up 3.6% year-over-year.
• Insiders sold 20,352 shares worth $1,165,720 in the last quarter (insiders own 10.85%), institutional investors hold 70.44% of the stock, and analysts have a consensus rating of "Moderate Buy" with an average target of $82.79.

Gator Capital Management LLC decreased its holdings in shares of Block, Inc. (NYSE:XYZ - Free Report) by 53.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 14,510 shares of the technology company's stock after selling 16,890 shares during the period. Gator Capital Management LLC's holdings in Block were worth $1,049,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Cromwell Holdings LLC bought a new position in shares of Block during the third quarter valued at approximately $27,000. City Holding Co. bought a new position in Block in the third quarter worth approximately $27,000. Nemes Rush Group LLC purchased a new stake in Block during the second quarter worth $26,000. Cary Street Partners Investment Advisory LLC purchased a new stake in Block during the third quarter worth $28,000. Finally, Traub Capital Management LLC bought a new stake in Block during the 2nd quarter valued at $26,000. Institutional investors own 70.44% of the company's stock.

Block Stock Performance

Shares of Block stock opened at $59.83 on Friday. The company has a 50 day moving average price of $61.11 and a 200 day moving average price of $67.53. The firm has a market capitalization of $36.35 billion, a P/E ratio of 28.49, a PEG ratio of 1.13 and a beta of 2.65. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $82.50.

Block (NYSE:XYZ - Get Free Report) last released its earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.39. Block had a net margin of 5.40% and a return on equity of 6.66%. The company had revenue of $6.25 billion for the quarter. During the same period in the prior year, the firm posted $0.71 EPS. The firm's revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts expect that Block, Inc. will post 2.54 EPS for the current year.

Insider Transactions at Block

In other Block news, CFO Amrita Ahuja sold 1,101 shares of Block stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $63.98, for a total transaction of $70,441.98. Following the completion of the sale, the chief financial officer owned 271,864 shares of the company's stock, valued at approximately $17,393,858.72. The trade was a 0.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Owen Britton Jennings sold 3,555 shares of the business's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $63.41, for a total value of $225,422.55. Following the sale, the insider owned 231,262 shares in the company, valued at approximately $14,664,323.42. The trade was a 1.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,352 shares of company stock valued at $1,165,720 in the last quarter. Insiders own 10.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on XYZ. Keefe, Bruyette & Woods reduced their price target on Block from $90.00 to $85.00 and set an "outperform" rating for the company in a research report on Friday, January 2nd. Truist Financial set a $72.00 target price on shares of Block in a report on Tuesday, January 20th. Cantor Fitzgerald restated an "overweight" rating and issued a $70.00 price target on shares of Block in a report on Friday, February 27th. Citigroup cut their price objective on shares of Block from $105.00 to $85.00 and set a "buy" rating on the stock in a research report on Thursday, February 5th. Finally, BNP Paribas Exane raised shares of Block from a "hold" rating to an "outperform" rating and set a $83.00 target price for the company in a research report on Wednesday, January 7th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Block has a consensus rating of "Moderate Buy" and an average target price of $82.79.

About Block

Block NYSE: XYZ is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block's portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.

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