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Payment and fintech app company Block (NYSE:SQ) is set to gain today after 6 consecutive days of decline as markets price in earnings and related expectations.
The stock had lost ~17% of its value during the course of the last 6 days, but gained ~3.35% Monday afternoon.
A shifting macroeconomic environment and a crypto market downturn impacted the company’s share prices, with the stock suffering a 61.7% drop in 2022. 2023 was largely flat, but 2024 began on a disappointing note with a 6.63% drop in the company’s stock price at the close of Jan. 2.
But the company is experiencing strong growth, given convenience and consumer preferences. Block posted better-than-expected Q3 results and initiated 2024 guidance exceeding estimates.
For Q4, the consensus EPS estimate stands at $0.57 (+160.45% Y/Y) and the consensus revenue estimate is $5.65B (+21.55% Y/Y).
The sell-side analysts give the stock a Buy rating, with a price target of $77.35. Seeking Alpha authors also give the stock a Buy rating, while the Quant Rating system gives the stock a Hold rating.
