Ion Asset Management Ltd. Decreases Stock Holdings in Block, Inc. $XYZ

Ion Asset Management Ltd. lessened its stake in Block, Inc. (NYSE:XYZ) by 27.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 130,000 shares of the technology company’s stock after selling 50,000 shares during the period. Block accounts for approximately 1.0% of Ion Asset Management Ltd.’s investment portfolio, making the stock its 21st largest holding. Ion Asset Management Ltd.’s holdings in Block were worth $9,395,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Traub Capital Management LLC purchased a new stake in shares of Block during the second quarter valued at $26,000. Nemes Rush Group LLC purchased a new position in Block in the 2nd quarter worth $26,000. City Holding Co. acquired a new stake in Block during the 3rd quarter worth about $27,000. Cromwell Holdings LLC acquired a new stake in Block during the 3rd quarter worth about $27,000. Finally, Cary Street Partners Investment Advisory LLC purchased a new stake in Block during the 3rd quarter valued at about $28,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Insider Activity at Block

In other Block news, insider Brian Grassadonia sold 10,349 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $517,450.00. Following the completion of the sale, the insider directly owned 503,784 shares in the company, valued at approximately $25,189,200. The trade was a 2.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amrita Ahuja sold 1,101 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $63.98, for a total value of $70,441.98. Following the transaction, the chief financial officer directly owned 271,864 shares of the company’s stock, valued at $17,393,858.72. The trade was a 0.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 20,352 shares of company stock worth $1,165,720 in the last quarter. Company insiders own 10.49% of the company’s stock.

Block Stock Down 0.2%

Block stock opened at $59.78 on Monday. The stock has a market capitalization of $36.33 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 1.05 and a beta of 2.64. The business has a 50 day simple moving average of $61.00 and a 200-day simple moving average of $67.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.20 and a quick ratio of 2.20. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $82.50.

Block (NYSE:XYZ) last posted its quarterly earnings data on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.39. Block had a net margin of 5.40% and a return on equity of 6.66%. The company had revenue of $6.25 billion during the quarter. During the same quarter in the prior year, the company posted $0.71 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. On average, analysts anticipate that Block, Inc. will post 2.54 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on XYZ. Stephens restated an “overweight” rating and issued a $95.00 price objective on shares of Block in a research note on Thursday, November 20th. Oppenheimer increased their price target on shares of Block from $85.00 to $89.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $70.00 price target on shares of Block in a research report on Friday, February 27th. HSBC upgraded shares of Block from a “hold” rating to a “buy” rating and lifted their price objective for the company from $70.00 to $77.00 in a research note on Tuesday, March 3rd. Finally, Compass Point upgraded shares of Block from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.79.

About Block

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.