Stock of the Day for February 27, 2024

Block Stock Report

Block
SQ 90-day performance NYSE:SQ Block
Current Price
$71.03
+0.61 (+0.87%)
(As of 08:39 AM ET)
30 Day Performance
-12.06%
  
  
90 Day Performance
7.34%
  
 
1 Year Performance
11.89%
  
 
Market Capitalization
$43.73B
P/E Ratio
414.23
Price Target
$85.22

About Block

Block, Inc. is the parent company to a host of digital financial solutions including Square. The company was founded in 2009 by Jack Dorsey (also founded Twitter) and Jim McKelvey as a solution to a problem faced by McKelvey. Mr. McKelvey was unable to complete a transaction because he was unable to accept credit cards and that provided inspiration for Mr. Dorsey. The firm was founded in St. Louis but now has no official headquarters, instead choosing to do most work remotely or from one of several key hubs. That decision was made in the wake of the COVID-19 pandemic when it became clear telecommuting was a solution that worked.

The original Square app provides a multitude of payment and POS solutions that include hardware and software. The hardware includes the iconic Square card mag-stripe reader that can be plugged into any tablet or smartphone as well as many other solutions. The software enables sellers to turn their smart devices into POS on a temporary or permanent/dedicated basis.

The company went public in 2015 when it IPOd on the NASDAQ stock exchange and then later decided to change its name to Block to better represent the business. Today, Block, Inc. operates as a network of businesses that are working together to expand access to the economy. The core brands are Square, CashApp, AfterPay, Weebly, Tidal, Spiral, and TBD.

The Square brand encompasses all the core business including but not limited to hardware and its related software. The CashApp business is a money transfer solution that is working to make money more available and universally acceptable. Afterpay is a buy-now-pay-later service. Weebly is an eCommerce and web hosting service for small and medium-sized businesses. Tidal is a platform for musicians and artists to connect with fans and monetize their brands. Spiral is the firm's cryptocurrency division and TBD is a division focused on crypto, specifically building a crypto platform.

Block, Inc. stunned the market in 2020 when it began to purchase Bitcoin. Then Square, the company purchased Bitcoin in two transactions for a total of $210 million. The holdings amount to 8,027 Bitcoins which were worth $154.75 million in October 2022. The purpose of Spiral is to fund open-sourced applications that encourage and facilitate the use of Bitcoin and other cryptocurrencies.

Mr. Dorsey remains the CEO and chairman of Block, Inc. The company employs more than 8,500 individuals across its footprint and netted $17.66 billion in revenue for 2021. Mr. Dorsey is also the company’s largest shareholder with about 10% of the shares.



SQ Company Calendar

FEB. 22, 2024
Last Earnings
APR. 22, 2024
Today
MAY. 2, 2024
Next Earnings (Confirmed)
DEC. 31, 2024
Fiscal Year End

Recent Block News

Federated Hermes Inc. Has $22.05 Million Stake in Block, Inc. (NYSE:SQ)
3 Meme Stocks to Buy Now: Q2 Edition
Robert W. Baird Increases Block (NYSE:SQ) Price Target to $98.00
These 2 Fintech Stocks Are Set to Soar in 2024 and Beyond
Block, Inc. (NYSE:SQ) Shares Bought by Mackenzie Financial Corp
2 Potentially Explosive Crypto Stocks to Buy in April
Twin Capital Management Inc. Invests $1.20 Million in Block, Inc. (NYSE:SQ)
Be Careful! Don’t Count on Blockbuster Returns With Block Stock.
Be Careful! Don't Count on Blockbuster Returns With Block Stock.
This report was written by MarketBeat.com on February 27, 2024 and updated on April 22, 2024. This report first appeared on MarketBeat.com.