Block, Inc. (NYSE:SQ) is ARK Investment Management LLC's 6th Largest Position

ARK Investment Management LLC increased its stake in Block, Inc. (NYSE:SQ - Free Report) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,887,114 shares of the technology company's stock after purchasing an additional 160,179 shares during the quarter. Block accounts for 3.7% of ARK Investment Management LLC's investment portfolio, making the stock its 6th largest position. ARK Investment Management LLC owned approximately 1.78% of Block worth $481,864,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Howard Wealth Management LLC grew its position in shares of Block by 4.4% during the second quarter. Howard Wealth Management LLC now owns 3,058 shares of the technology company's stock worth $204,000 after acquiring an additional 130 shares during the last quarter. Capital Impact Advisors LLC boosted its position in shares of Block by 2.6% during the 4th quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company's stock valued at $339,000 after purchasing an additional 138 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of Block by 1.5% during the 2nd quarter. HB Wealth Management LLC now owns 12,872 shares of the technology company's stock valued at $857,000 after purchasing an additional 194 shares in the last quarter. Kistler Tiffany Companies LLC boosted its position in shares of Block by 15.5% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,527 shares of the technology company's stock valued at $102,000 after purchasing an additional 205 shares in the last quarter. Finally, Advisor Partners II LLC boosted its position in shares of Block by 5.3% during the 1st quarter. Advisor Partners II LLC now owns 4,085 shares of the technology company's stock valued at $280,000 after purchasing an additional 207 shares in the last quarter. Hedge funds and other institutional investors own 61.17% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their price objective on shares of Block from $110.00 to $95.00 and set a "buy" rating for the company in a research report on Friday, November 3rd. Truist Financial reduced their price objective on shares of Block from $85.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, October 17th. Citigroup reduced their price objective on shares of Block from $90.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, October 4th. BMO Capital Markets reaffirmed an "outperform" rating and set a $84.00 price objective (down from $93.00) on shares of Block in a research note on Tuesday, December 5th. Finally, HSBC started coverage on shares of Block in a research note on Friday, October 13th. They set a "hold" rating and a $46.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.43.

Block Stock Performance

SQ stock traded up $0.57 during midday trading on Tuesday, hitting $77.71. 2,275,786 shares of the company traded hands, compared to its average volume of 12,500,439. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $89.97. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.23. The business has a 50 day simple moving average of $58.01 and a 200-day simple moving average of $59.49. The stock has a market capitalization of $47.72 billion, a price-to-earnings ratio of -164.13 and a beta of 2.52.

Block (NYSE:SQ - Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.15. Block had a negative return on equity of 0.30% and a negative net margin of 1.38%. The company had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.41 billion. As a group, equities research analysts predict that Block, Inc. will post -0.16 earnings per share for the current year.

Insider Buying and Selling at Block

In other Block news, insider Brian Grassadonia sold 5,438 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $44.29, for a total transaction of $240,849.02. Following the transaction, the insider now owns 297,914 shares in the company, valued at $13,194,611.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Brian Grassadonia sold 5,438 shares of the firm's stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $44.29, for a total value of $240,849.02. Following the sale, the insider now owns 297,914 shares in the company, valued at $13,194,611.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 3,998 shares of the firm's stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $44.16, for a total transaction of $176,551.68. Following the completion of the sale, the chief financial officer now owns 226,725 shares in the company, valued at approximately $10,012,176. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 534,234 shares of company stock worth $27,185,614 and have sold 33,064 shares worth $1,819,537. Corporate insiders own 10.79% of the company's stock.

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.

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