Traders Sell Shares of Square (SQ) on Strength After Insider Selling
Traders sold shares of Square Inc (NYSE:SQ) on strength during trading hours on Thursday after an insider sold shares in the company. $159.34 million flowed into the stock on the tick-up and $237.69 million flowed out of the stock on the tick-down, for a money net flow of $78.35 million out of the stock. Of all equities tracked, Square had the 8th highest net out-flow for the day. Square traded up $0.82 for the day and closed at $37.01Specifically, Director James Morgan Jr. Mckelvey sold 400,000 shares of the stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $32.72, for a total transaction of $13,088,000.00. Following the sale, the director now owns 507,732 shares in the company, valued at approximately $16,612,991.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sarah Friar sold 38,400 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $28.36, for a total transaction of $1,089,024.00. Following the sale, the chief financial officer now owns 366,103 shares in the company, valued at approximately $10,382,681.08. The disclosure for this sale can be found here. Insiders have sold 1,529,827 shares of company stock worth $56,341,434 over the last ninety days. Insiders own 32.68% of the company’s stock.
A number of analysts have weighed in on the stock. Cowen assumed coverage on shares of Square in a research report on Monday. They issued a “market perform” rating and a $36.00 target price on the stock. They noted that the move was a valuation call. BTIG Research lowered shares of Square from a “neutral” rating to a “sell” rating and raised their target price for the company from $12.38 to $30.00 in a research report on Monday, November 27th. Vetr upgraded shares of Square from a “hold” rating to a “buy” rating and set a $51.38 target price on the stock in a research report on Thursday, November 23rd. Wells Fargo & Company assumed coverage on shares of Square in a research report on Tuesday, November 21st. They issued a “market perform” rating and a $42.00 target price on the stock. Finally, Oppenheimer restated a “buy” rating on shares of Square in a research report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have assigned a buy rating to the stock. Square has an average rating of “Buy” and an average price target of $33.88.
The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.48.
A number of hedge funds and other institutional investors have recently made changes to their positions in SQ. Almanack Investment Partners LLC. bought a new position in Square during the second quarter worth $117,000. Riverhead Capital Management LLC bought a new position in Square during the second quarter worth $149,000. Hudock Capital Group LLC bought a new position in Square during the third quarter worth $157,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Square by 19.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,752 shares of the technology company’s stock worth $158,000 after buying an additional 1,099 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Square by 42.2% during the second quarter. Pacer Advisors Inc. now owns 8,368 shares of the technology company’s stock worth $196,000 after buying an additional 2,485 shares during the last quarter. 54.31% of the stock is owned by institutional investors and hedge funds.
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Square Company Profile
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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