Mach 1 Financial Group LLC Takes Position in Block, Inc. (NYSE:SQ)

Mach 1 Financial Group LLC acquired a new stake in Block, Inc. (NYSE:SQ) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 9,514 shares of the technology company’s stock, valued at approximately $736,000.

Several other hedge funds have also modified their holdings of the stock. Handelsbanken Fonder AB increased its holdings in Block by 2.5% in the third quarter. Handelsbanken Fonder AB now owns 113,235 shares of the technology company’s stock valued at $5,012,000 after buying an additional 2,713 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Block by 0.3% in the third quarter. Commonwealth Equity Services LLC now owns 276,975 shares of the technology company’s stock valued at $12,259,000 after buying an additional 748 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Block by 8.4% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 113,537 shares of the technology company’s stock valued at $5,025,000 after buying an additional 8,800 shares during the last quarter. Sweet Financial Partners LLC purchased a new position in Block in the third quarter valued at $231,000. Finally, Hexagon Capital Partners LLC grew its holdings in shares of Block by 89.6% during the third quarter. Hexagon Capital Partners LLC now owns 635 shares of the technology company’s stock worth $28,000 after purchasing an additional 300 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Block Stock Down 3.1 %

Shares of NYSE:SQ traded down $2.32 during midday trading on Tuesday, hitting $72.99. 6,845,146 shares of the company’s stock traded hands, compared to its average volume of 9,725,022. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market cap of $44.94 billion, a PE ratio of 438.12, a P/E/G ratio of 2.06 and a beta of 2.55. The firm’s fifty day moving average price is $77.73 and its two-hundred day moving average price is $67.82. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52.

Block (NYSE:SQ) last issued its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Block had a net margin of 0.04% and a return on equity of 0.63%. The firm had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.69 billion. On average, equities research analysts anticipate that Block, Inc. will post 1.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Block news, CAO Ajmere Dale sold 656 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the transaction, the chief accounting officer now owns 68,823 shares in the company, valued at approximately $4,425,318.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Brian Grassadonia sold 111,666 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $82.73, for a total value of $9,238,128.18. Following the completion of the sale, the insider now owns 485,645 shares of the company’s stock, valued at approximately $40,177,410.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajmere Dale sold 656 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total transaction of $42,180.80. Following the completion of the sale, the chief accounting officer now directly owns 68,823 shares of the company’s stock, valued at approximately $4,425,318.90. The disclosure for this sale can be found here. Insiders have sold 363,801 shares of company stock worth $27,284,175 in the last quarter. 10.79% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on SQ shares. Robert W. Baird raised their price objective on Block from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Evercore ISI restated an “in-line” rating and issued a $75.00 price objective on shares of Block in a research report on Tuesday, March 26th. Seaport Res Ptn upgraded shares of Block from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Wolfe Research raised their price objective on shares of Block from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Finally, Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Block in a research report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $85.67.

About Block

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.