Hudson Bay Capital Management LP Sells 210,634 Shares of Block, Inc. $XYZ

Hudson Bay Capital Management LP decreased its holdings in shares of Block, Inc. (NYSE:XYZ) by 95.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,501 shares of the technology company’s stock after selling 210,634 shares during the period. Hudson Bay Capital Management LP’s holdings in Block were worth $687,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Cromwell Holdings LLC bought a new position in Block in the 3rd quarter worth about $27,000. City Holding Co. purchased a new position in shares of Block during the third quarter worth about $27,000. Nemes Rush Group LLC purchased a new position in shares of Block during the second quarter worth about $26,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of Block in the third quarter worth approximately $28,000. Finally, RMG Wealth Management LLC bought a new position in shares of Block in the third quarter worth approximately $30,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Arete Research raised shares of Block from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. BNP Paribas Exane upgraded shares of Block from a “hold” rating to an “outperform” rating and set a $83.00 target price for the company in a research report on Wednesday, January 7th. Rothschild & Co Redburn upgraded Block from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $55.00 in a report on Wednesday, March 18th. Cantor Fitzgerald reiterated an “overweight” rating and set a $70.00 price objective on shares of Block in a research report on Friday, February 27th. Finally, Needham & Company LLC raised their price objective on Block from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $82.14.

Insider Activity

In related news, insider Brian Grassadonia sold 10,349 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $517,450.00. Following the sale, the insider directly owned 503,784 shares of the company’s stock, valued at $25,189,200. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ajmere Dale sold 1,173 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $65.09, for a total value of $76,350.57. Following the transaction, the chief accounting officer owned 98,412 shares in the company, valued at approximately $6,405,637.08. This represents a 1.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,352 shares of company stock worth $1,165,720 over the last ninety days. 10.49% of the stock is owned by insiders.

Block Stock Performance

NYSE:XYZ opened at $59.25 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. Block, Inc. has a fifty-two week low of $44.27 and a fifty-two week high of $82.50. The firm has a market cap of $35.49 billion, a PE ratio of 28.21, a price-to-earnings-growth ratio of 1.04 and a beta of 2.64. The business has a 50 day moving average price of $59.92 and a 200-day moving average price of $66.55.

Block (NYSE:XYZ) last issued its earnings results on Thursday, February 26th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.26 by $0.39. The company had revenue of $6.25 billion for the quarter. Block had a net margin of 5.40% and a return on equity of 6.66%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 earnings per share. Equities research analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

Block Company Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.