Square Sees Unusually Large Options Volume (NYSE:SQ)
Square, Inc. (NYSE:SQ) was the recipient of some unusual options trading activity on Thursday. Investors purchased 15,478 call options on the stock. This is an increase of approximately 273% compared to the typical daily volume of 4,147 call options.
SQ has been the topic of several analyst reports. Deutsche Bank AG reissued a “buy” rating and issued a $19.00 price target on shares of Square in a report on Monday, April 24th. Royal Bank Of Canada lowered their price target on shares of Square to $18.00 and set a “buy” rating on the stock in a report on Monday, April 24th. Vetr lowered shares of Square from a “strong-buy” rating to a “buy” rating and set a $19.66 price target on the stock. in a report on Thursday, April 20th. Instinet boosted their price target on shares of Square from $21.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, May 4th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $21.00 price target (up previously from $18.00) on shares of Square in a report on Thursday, May 4th. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $24.61.
Shares of Square (SQ) opened at 25.21 on Friday. The company’s market cap is $9.49 billion. Square has a one year low of $10.01 and a one year high of $27.97. The firm’s 50-day moving average is $24.96 and its 200-day moving average is $19.56.
Square (NYSE:SQ) last released its earnings results on Wednesday, August 2nd. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Square had a negative return on equity of 12.41% and a negative net margin of 4.13%. The firm had revenue of $240 million for the quarter, compared to analysts’ expectations of $228.64 million. During the same quarter in the previous year, the business posted ($0.08) earnings per share. The business’s revenue for the quarter was up 40.4% on a year-over-year basis. Analysts expect that Square will post $0.17 EPS for the current fiscal year.
In other Square news, CEO Jack Dorsey sold 381,500 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $20.42, for a total value of $7,790,230.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sarah Friar sold 38,400 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $22.09, for a total transaction of $848,256.00. Following the completion of the sale, the chief financial officer now directly owns 375,023 shares in the company, valued at approximately $8,284,258.07. The disclosure for this sale can be found here. Insiders sold a total of 914,900 shares of company stock worth $20,202,610 in the last three months. Insiders own 32.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SQ. Russell Investments Group Ltd. acquired a new position in Square during the fourth quarter worth about $910,000. State Board of Administration of Florida Retirement System boosted its position in Square by 5.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 19,810 shares of the technology company’s stock worth $270,000 after buying an additional 1,070 shares in the last quarter. State Street Corp boosted its position in Square by 4.1% in the fourth quarter. State Street Corp now owns 1,122,838 shares of the technology company’s stock worth $15,302,000 after buying an additional 44,331 shares in the last quarter. Guggenheim Capital LLC boosted its position in Square by 4.0% in the fourth quarter. Guggenheim Capital LLC now owns 18,680 shares of the technology company’s stock worth $255,000 after buying an additional 727 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in Square by 59.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 41,008 shares of the technology company’s stock worth $559,000 after buying an additional 15,354 shares in the last quarter. Hedge funds and other institutional investors own 75.60% of the company’s stock.
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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