Block (NYSE:XYZ) Stock Crosses Below 50 Day Moving Average – Time to Sell?

Block, Inc. (NYSE:XYZ)’s stock price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $71.78 and traded as low as $61.21. Block shares last traded at $61.38, with a volume of 7,356,756 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Canaccord Genuity Group dropped their price target on Block from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Oppenheimer upgraded shares of Block from a “market perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Barclays cut their target price on Block from $112.00 to $97.00 and set an “overweight” rating on the stock in a research report on Monday, February 24th. Morgan Stanley upgraded shares of Block from an “underweight” rating to an “equal weight” rating and set a $65.00 price target for the company in a report on Tuesday, February 25th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Block in a research note on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, Block has an average rating of “Moderate Buy” and an average target price of $94.41.

Block Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The company has a market cap of $38.02 billion, a PE ratio of 13.49, a PEG ratio of 0.72 and a beta of 2.78. The business’s 50 day moving average price is $71.78.

Block (NYSE:XYZ) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The firm had revenue of $6.03 billion during the quarter, compared to the consensus estimate of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. As a group, equities research analysts predict that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 3,253 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $68.01, for a total value of $221,236.53. Following the sale, the insider now directly owns 548,597 shares in the company, valued at $37,310,081.97. This represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ajmere Dale sold 1,467 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $70.32, for a total value of $103,159.44. Following the transaction, the chief accounting officer now owns 82,499 shares of the company’s stock, valued at approximately $5,801,329.68. The trade was a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,967 shares of company stock valued at $1,649,113 over the last three months. Company insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

A number of large investors have recently added to or reduced their stakes in XYZ. True Wealth Design LLC boosted its stake in Block by 64.7% in the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after buying an additional 194 shares in the last quarter. Versant Capital Management Inc grew its holdings in Block by 67.7% in the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Block by 48.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after purchasing an additional 136 shares during the period. Larson Financial Group LLC increased its stake in shares of Block by 14.8% during the third quarter. Larson Financial Group LLC now owns 1,192 shares of the technology company’s stock valued at $80,000 after buying an additional 154 shares during the period. Finally, Rosenberg Matthew Hamilton raised its holdings in Block by 18.3% in the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock worth $83,000 after purchasing an additional 152 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Company Profile

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.