Square, Inc. (NYSE:SQ) Receives New Coverage from Analysts at Wedbush
Research analysts at Wedbush started coverage on shares of Square, Inc. (NYSE:SQ) in a research report issued on Thursday, The Fly reports. The firm set a “neutral” rating on the technology company’s stock.
A number of other research firms have also issued reports on SQ. Credit Suisse Group lowered Square from an “outperform” rating to a “neutral” rating and upped their target price for the company from $20.00 to $25.00 in a research note on Friday, June 16th. Royal Bank Of Canada reduced their target price on Square to $18.00 and set a “buy” rating on the stock in a research note on Monday, April 24th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target (up from $20.00) on shares of Square in a report on Thursday, May 4th. KeyCorp reiterated an “overweight” rating on shares of Square in a report on Tuesday, July 18th. Finally, Canaccord Genuity boosted their price target on Square from $18.00 to $26.00 and gave the company a “hold” rating in a report on Thursday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Square presently has a consensus rating of “Buy” and an average price target of $23.17.
Square (NYSE:SQ) traded down 4.69% during midday trading on Thursday, hitting $25.22. The company had a trading volume of 15,847,569 shares. The stock’s market cap is $5.80 billion. Square has a 52-week low of $10.01 and a 52-week high of $27.97. The stock’s 50-day moving average price is $24.96 and its 200-day moving average price is $19.56.
Square (NYSE:SQ) last posted its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Square had a negative return on equity of 15.81% and a negative net margin of 5.02%. The firm had revenue of $240 million for the quarter, compared to analyst estimates of $228.64 million. During the same quarter in the prior year, the company earned ($0.08) EPS. Square’s revenue was up 40.4% on a year-over-year basis. On average, equities research analysts expect that Square will post ($0.19) EPS for the current fiscal year.
In related news, CEO Jack Dorsey sold 381,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $20.42, for a total transaction of $7,790,230.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Morgan Jr. Mckelvey sold 90,000 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $23.36, for a total transaction of $2,102,400.00. Following the sale, the director now directly owns 186,308 shares of the company’s stock, valued at $4,352,154.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 914,900 shares of company stock valued at $20,202,610. 32.68% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in SQ. Pacer Advisors Inc. boosted its stake in shares of Square by 22.7% in the first quarter. Pacer Advisors Inc. now owns 5,883 shares of the technology company’s stock worth $102,000 after buying an additional 1,090 shares during the period. Glassman Wealth Services boosted its stake in shares of Square by 1,987.3% in the first quarter. Glassman Wealth Services now owns 6,575 shares of the technology company’s stock worth $114,000 after buying an additional 6,260 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Square during the first quarter worth $131,000. Concert Wealth Management Inc. acquired a new stake in shares of Square during the first quarter worth $144,000. Finally, FNY Partners Fund LP boosted its stake in shares of Square by 55.4% in the first quarter. FNY Partners Fund LP now owns 10,100 shares of the technology company’s stock worth $174,000 after buying an additional 3,600 shares during the period. 75.60% of the stock is owned by hedge funds and other institutional investors.
Square, Inc (Square) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment.
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