Block (NYSE:XYZ) Hits New 12-Month Low – Should You Sell?

Block, Inc. (NYSE:XYZ) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $54.83 and last traded at $54.85, with a volume of 6303930 shares changing hands. The stock had previously closed at $60.00.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler cut their price objective on Block from $101.00 to $85.00 and set an “overweight” rating for the company in a report on Monday, February 24th. BMO Capital Markets raised shares of Block from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $100.00 to $89.00 in a research note on Monday, February 24th. Keefe, Bruyette & Woods lowered their price objective on shares of Block from $100.00 to $87.00 and set a “market perform” rating on the stock in a research report on Friday, February 21st. BNP Paribas lowered shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price for the company. in a research report on Wednesday, November 20th. Finally, William Blair reissued an “outperform” rating on shares of Block in a report on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $95.62.

Block Stock Down 9.0 %

The firm has a market capitalization of $33.84 billion, a PE ratio of 12.01, a PEG ratio of 0.72 and a beta of 2.78. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The firm had revenue of $6.03 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. As a group, sell-side analysts predict that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Activity

In related news, insider Owen Britton Jennings sold 2,836 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $89.38, for a total value of $253,481.68. Following the sale, the insider now owns 195,449 shares in the company, valued at approximately $17,469,231.62. This trade represents a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 2,044 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $86.72, for a total transaction of $177,255.68. Following the sale, the chief accounting officer now owns 83,966 shares of the company’s stock, valued at approximately $7,281,531.52. This represents a 2.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,967 shares of company stock valued at $1,649,113 over the last ninety days. 10.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Block

Institutional investors and hedge funds have recently modified their holdings of the company. SouthState Corp lifted its holdings in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after acquiring an additional 180 shares during the period. True Wealth Design LLC increased its position in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after purchasing an additional 194 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after purchasing an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after purchasing an additional 136 shares during the period. Finally, Darwin Wealth Management LLC purchased a new position in shares of Block in the third quarter worth approximately $74,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.