Block, Inc. (NYSE:SQ) Shares Sold by Harbor Investment Advisory LLC

Posted by on Apr 3rd, 2023

Harbor Investment Advisory LLC lowered its stake in shares of Block, Inc. (NYSE:SQ – Get Rating) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,217 shares of the technology company’s stock after selling 200 shares during the period. Harbor Investment Advisory LLC’s holdings in Block were worth $328,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Ronald Blue Trust Inc. purchased a new position in Block during the second quarter worth about $43,000. Oxler Private Wealth LLC raised its holdings in shares of Block by 95.7% in the 3rd quarter. Oxler Private Wealth LLC now owns 460 shares of the technology company’s stock worth $25,000 after purchasing an additional 225 shares during the period. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Block in the 3rd quarter worth about $28,000. Armstrong Advisory Group Inc. purchased a new position in shares of Block in the 4th quarter worth about $34,000. Finally, Heritage Wealth Management LLC purchased a new position in shares of Block in the 2nd quarter worth about $36,000. Institutional investors and hedge funds own 59.49% of the company’s stock.

Insider Activity at Block

In other Block news, insider Sivan Whiteley sold 2,716 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $64.28, for a total value of $174,584.48. Following the completion of the sale, the insider now owns 105,400 shares in the company, valued at approximately $6,775,112. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Ajmere Dale sold 1,032 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $64.28, for a total transaction of $66,336.96. Following the completion of the transaction, the chief accounting officer now owns 46,892 shares in the company, valued at approximately $3,014,217.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sivan Whiteley sold 2,716 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $64.28, for a total value of $174,584.48. Following the transaction, the insider now owns 105,400 shares of the company’s stock, valued at approximately $6,775,112. The disclosure for this sale can be found here. Insiders sold a total of 303,361 shares of company stock worth $22,804,866 in the last 90 days. 11.52% of the stock is owned by company insiders.

Analyst Ratings Changes

SQ has been the topic of several analyst reports. Citigroup dropped their target price on Block from $135.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, December 21st. Mizuho upgraded Block from a “neutral” rating to a “buy” rating and raised their target price for the company from $80.00 to $93.00 in a report on Thursday, March 16th. KeyCorp raised their target price on Block from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, February 22nd. BNP Paribas initiated coverage on Block in a report on Tuesday, February 28th. They set an “underperform” rating on the stock. Finally, Truist Financial raised their target price on Block from $85.00 to $105.00 and gave the company a “buy” rating in a report on Friday, January 20th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Block has an average rating of “Moderate Buy” and an average target price of $105.81.

Block Price Performance

Shares of SQ stock opened at $68.65 on Monday. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average is $76.05 and its two-hundred day moving average is $67.41. Block, Inc. has a fifty-two week low of $51.34 and a fifty-two week high of $149.00.

Block (NYSE:SQ – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The technology company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.07). The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.53 billion. Block had a negative net margin of 3.11% and a negative return on equity of 2.28%. As a group, analysts anticipate that Block, Inc. will post -0.04 earnings per share for the current year.

Block Profile

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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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Institutional Ownership by Quarter for Block (NYSE:SQ)

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