Q1 2024 EPS Estimates for Block, Inc. (NYSE:SQ) Boosted by Analyst

Block, Inc. (NYSE:SQ) – Equities researchers at Seaport Res Ptn upped their Q1 2024 earnings estimates for shares of Block in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now forecasts that the technology company will post earnings per share of ($0.05) for the quarter, up from their prior forecast of ($0.06). Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for Block’s current full-year earnings is $1.02 per share. Seaport Res Ptn also issued estimates for Block’s Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at $0.07 EPS, Q4 2024 earnings at $0.27 EPS, Q1 2025 earnings at $0.25 EPS, Q2 2025 earnings at $0.32 EPS, Q3 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.64 EPS and FY2025 earnings at $1.63 EPS.

Block (NYSE:SQ) last issued its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%.

Several other research firms have also issued reports on SQ. Wells Fargo & Company upgraded shares of Block from an “equal weight” rating to an “overweight” rating and set a $95.00 price target for the company in a report on Friday, February 23rd. Evercore ISI restated an “in-line” rating and set a $75.00 price target on shares of Block in a report on Tuesday, March 26th. Canaccord Genuity Group raised their price target on shares of Block from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Monness Crespi & Hardt raised their price target on shares of Block from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Finally, Wolfe Research raised their price target on shares of Block from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $84.41.

Block Stock Up 0.5 %

Block stock opened at $73.51 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. Block has a 52-week low of $38.85 and a 52-week high of $87.52. The firm has a 50 day moving average price of $76.62 and a two-hundred day moving average price of $65.81. The firm has a market cap of $45.26 billion, a price-to-earnings ratio of 432.35, a PEG ratio of 2.18 and a beta of 2.55.

Insider Buying and Selling at Block

In other news, CAO Ajmere Dale sold 656 shares of the company’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 completion of the sale, the chief accounting officer now owns 68,823 shares in the company, valued at approximately $4,425,318.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Brian Grassadonia sold 111,666 shares of the 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 sale, the insider now directly owns 485,645 shares of the company’s stock, valued at $40,177,410.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ajmere Dale sold 656 shares of the 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 in the company, valued at $4,425,318.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 363,801 shares of company stock worth $27,284,175. 10.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Riverview Trust Co bought a new position in Block in the 1st quarter valued at approximately $28,000. Montag A & Associates Inc. increased its stake in shares of Block by 843.2% in the 4th quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock worth $27,000 after purchasing an additional 312 shares in the last quarter. Tidemark LLC purchased a new stake in shares of Block in the 4th quarter worth $32,000. Vima LLC purchased a new stake in shares of Block in the 4th quarter worth $34,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Block in the 1st quarter worth $31,000. 70.44% of the stock is currently owned by institutional investors.

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.