Quadcap Wealth Management LLC Buys New Shares in Block, Inc. $XYZ

Quadcap Wealth Management LLC purchased a new stake in shares of Block, Inc. (NYSE:XYZ) during the second quarter, Holdings Channel reports. The firm purchased 6,427 shares of the technology company’s stock, valued at approximately $437,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Nemes Rush Group LLC bought a new position in shares of Block during the 2nd quarter valued at about $26,000. Traub Capital Management LLC purchased a new stake in Block in the second quarter worth approximately $26,000. SouthState Corp purchased a new stake in Block in the second quarter worth approximately $29,000. First Horizon Advisors Inc. bought a new position in Block during the second quarter valued at approximately $30,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new position in shares of Block during the second quarter worth approximately $31,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Block Price Performance

XYZ stock opened at $61.85 on Tuesday. The stock has a market capitalization of $37.58 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 3.47 and a beta of 2.73. The firm’s 50-day moving average price is $72.91 and its two-hundred day moving average price is $70.66. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. Block, Inc. has a 12-month low of $44.27 and a 12-month high of $99.26.

Block (NYSE:XYZ) last posted its earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.29. The company had revenue of $6.11 billion during the quarter. Block had a net margin of 12.99% and a return on equity of 5.54%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.53 earnings per share. As a group, equities analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Ajmere Dale sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total transaction of $60,000.00. Following the completion of the transaction, the chief accounting officer owned 102,308 shares in the company, valued at $8,184,640. This represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 35,145 shares of Block stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total transaction of $2,811,600.00. Following the completion of the sale, the insider owned 535,896 shares in the company, valued at approximately $42,871,680. This trade represents a 6.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 60,610 shares of company stock worth $4,739,162. Insiders own 10.49% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on XYZ. Cowen restated a “buy” rating on shares of Block in a report on Friday, August 8th. Oppenheimer reissued an “outperform” rating and issued a $85.00 price target on shares of Block in a research note on Friday, November 7th. Mizuho raised their price objective on Block from $88.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. BTIG Research reiterated a “buy” rating and issued a $90.00 price objective on shares of Block in a report on Thursday, November 20th. Finally, Bank of America increased their target price on Block from $86.00 to $88.00 and gave the company a “buy” rating in a report on Friday. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.42.

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.