Square Inc. (SQ) Upgraded by Vetr Inc. to Buy
Vetr upgraded shares of Square Inc. (NYSE:SQ) from a hold rating to a buy rating in a report issued on Thursday. The brokerage currently has $11.70 target price on the stock.
SQ has been the subject of a number of other research reports. Evercore ISI assumed coverage on Square in a research report on Tuesday, June 21st. They set a hold rating and a $7.00 price objective for the company. Keefe, Bruyette & Woods reissued a market perform rating and set a $13.00 price objective on shares of Square in a research report on Friday, October 7th. Mizuho reissued a top pick rating and set a $16.00 price objective on shares of Square in a research report on Wednesday, September 14th. BTIG Research reissued a buy rating and set a $12.00 price objective on shares of Square in a research report on Thursday, August 4th. Finally, Royal Bank Of Canada reissued a buy rating on shares of Square in a research report on Friday, June 17th. Fifteen investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $12.75.
Shares of Square (NYSE:SQ) traded up 0.80% on Thursday, reaching $11.28. The company had a trading volume of 262,662 shares. The company has a 50-day moving average price of $11.66 and a 200-day moving average price of $11.23. The firm’s market capitalization is $3.86 billion. Square has a 52-week low of $8.06 and a 52-week high of $15.91.
Square (NYSE:SQ) last released its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The firm earned $439 million during the quarter, compared to analysts’ expectations of $406.93 million. Square had a negative return on equity of 37.14% and a negative net margin of 14.85%. The business’s revenue was up 54.1% on a year-over-year basis. Equities research analysts forecast that Square will post ($0.60) EPS for the current fiscal year.
In related news, insider Dana Wagner sold 6,953 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $9.77, for a total value of $67,930.81. Following the completion of the sale, the insider now owns 271,315 shares in the company, valued at approximately $2,650,747.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sarah Friar sold 2,690 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $9.77, for a total transaction of $26,281.30. Following the completion of the sale, the chief financial officer now owns 114,402 shares of the company’s stock, valued at approximately $1,117,707.54. The disclosure for this sale can be found here. Company insiders own 42.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. purchased a new stake in Square during the second quarter worth approximately $107,000. Ancora Inverness LLC bought a new position in shares of Square during the second quarter worth $109,000. Emerald Acquisition Ltd. bought a new position in shares of Square during the second quarter worth $115,000. Passport Capital LLC bought a new position in shares of Square during the second quarter worth $116,000. Finally, HighTower Advisors LLC bought a new position in shares of Square during the second quarter worth $121,000. Institutional investors and hedge funds own 16.90% of the company’s stock.
Square, Inc enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain.
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