Ultime notizie per Block (NYSE:SQ) Azioni

Block

Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.

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Durante il crollo dei mercati, Cathie Wood, tramite Ark Invest, ha acquistato azioni di Amazon, Tesla, Meta e altri giganti.

Cathie Wood fa shopping durante la tempesta: ecco cosa ha acquistato

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Square Chain Corp

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ProShares UltraPro Short QQQ

SQUIRREL MEDIA SA by SQUIRREL MEDIA SA

SQUARESPACE INC CL A

SOLAR QUARTZ TECHNOLOGIES by Solar Quartz Technologies, Inc.

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Analyst Ratings

Trading Ideas

Live On CNBC, Josh Brown Announces Bought Block, Inc.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59282ae7290fa70001853260/samantha-hoh">HSBC analyst Samantha Hoh</a> downgraded the rating for Bloom Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) from Buy to Hold and announced a $24.5 price target. Bloom Energy shares closed at $23.75 on Tuesday. <a href="https://www.benzinga.com/quote/BE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital analyst Scott Hanold downgraded Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) from Outperform to Sector Perform but raised the price target from $43 to $45. Northern Oil &amp; Gas shares closed at $41.08 on Tuesday. <a href="https://www.benzinga.com/quote/NOG/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/611252c2b4035700018aa3b5/thomas-poutrieux">Exane BNP Paribas analyst Thomas Poutrieux</a> downgraded the rating for Toast, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>) from Outperform to Neutral and announced a $37 price target. Toast shares closed at $42.50 on Tuesday. <a href="https://www.benzinga.com/quote/TOST/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JP Morgan analyst Melissa Wedel downgraded Oaktree Specialty Lending Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCSL#NASDAQ">OCSL</a>) from Overweight to Neutral and cut the price target from $17 to $15. Oaktree Specialty Lending shares closed at $15.61 on Tuesday. <a href="https://www.benzinga.com/quote/OCSL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Exane BNP Paribas analyst Alex Faure downgraded the rating for Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) from Outperform to Neutral and announced a price target of $88. Block shares closed at $92.42 on Tuesday. <a href="https://www.benzinga.com/quote/SQ/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying SQ stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="582" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20073503/image-207-1024x582.png" alt="" class="wp-image-656791" style="width:646px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20073503/image-207-1024x582.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20073503/image-207-300x170.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20073503/image-207-768x436.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20073503/image-207.png 1181w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/11/42069785/wall-streets-most-accurate-analysts-weigh-in-on-3-defensive-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Defensive Stocks With Over 5% Dividend Yields</a></li>
</ul>

Downgrades

Pre-Market Outlook

OCSL

TOST

This Block Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Wednesday

Exane BNP Paribas analyst Alex Faure downgrades Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) from Outperform to Neutral and announces $88 price target.

Price Target

Exane BNP Paribas Downgrades Block to Neutral, Announces $88 Price Target

Whales with a lot of money to spend have taken a noticeably bullish stance on Block.
Looking at options history for Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) we detected 18 trades.
If we consider the specifics of each trade, it is accurate to state that 61% of the investors opened trades with bullish expectations and 27% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $175,133 and 13, calls, for a total amount of $534,581.
<h3>Projected Price Targets</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $60.0 and $130.0 for Block, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Block's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Block's whale trades within a strike price range from $60.0 to $130.0 in the last 30 days. 
<h3>Block Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732030294_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/15/27</td>
<td>$17.05</td>
<td>$17.0</td>
<td>$17.0</td>
<td>$125.00</td>
<td>$107.6K</td>
<td>480</td>
<td align="right">46</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$1.99</td>
<td>$1.93</td>
<td>$1.97</td>
<td>$100.00</td>
<td>$55.1K</td>
<td>10.8K</td>
<td align="right">508</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/27/24</td>
<td>$22.65</td>
<td>$22.3</td>
<td>$22.3</td>
<td>$70.00</td>
<td>$44.6K</td>
<td>39</td>
<td align="right">20</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.04</td>
<td>$1.0</td>
<td>$1.05</td>
<td>$120.00</td>
<td>$42.0K</td>
<td>16.3K</td>
<td align="right">755</td>
</tr>
<tr>
<td>SQ</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$35.1</td>
<td>$34.3</td>
<td>$34.3</td>
<td>$125.00</td>
<td>$41.1K</td>
<td>0</td>
<td align="right">45</td>
</tr>
</tbody>
</table>

<h3>About Block</h3>
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.
Having examined the options trading patterns of Block, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Where Is Block Standing Right Now?</h3>
<ul>
<li>With a volume of 3,058,853, the price of SQ is up 0.26% at $91.03. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 93 days.</li>
</ul>
<h3>Expert Opinions on Block</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $92.2.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from RBC Capital has revised its rating downward to Outperform, adjusting the price target to $88. 
&#x2A; An analyst from Canaccord Genuity persists with their Buy rating on Block, maintaining a target price of $120. 
&#x2A; An analyst from Keefe, Bruyette &amp; Woods has decided to maintain their Market Perform rating on Block, which currently sits at a price target of $80. 
&#x2A; An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $83. 
&#x2A; An analyst from Needham persists with their Buy rating on Block, maintaining a target price of $90. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Block options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Smart Money Is Betting Big In Block Options

<a href="https://bgr.com/tech/google-releases-new-lens-ai-tools-for-black-friday-shopping/" title="https://bgr.com/tech/google-releases-new-lens-ai-tools-for-black-friday-shopping/">https://bgr.com/tech/google-releases-new-lens-ai-tools-for-black-friday-shopping/</a>

GOOG

GOOGL

Google Lens Can Now Quickly Show Product Insights When Shopping In-Store; Adding Afterpay As Option And Klarna Is Coming Soon On Google Pay; Product Search In Maps Is Launching In U.S. In Coming Weeks

Contracts

Block Subsidiary Afterpay Brings Buy Now, Pay Later To Google Pay

● This new feature will start to roll out next month and will launch widely in January 2025 ● Bitkey Inheritance enhances control and privacy for Bitkey customers for generations until the very end: wallet owners have the ability to change their beneficiary selection at any time.
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fbitkey.world&amp;esheet=54154700&amp;newsitemid=20241118370113&amp;lan=en-US&amp;anchor=Bitkey&amp;index=1&amp;md5=a784182ba6862d93c318dbdc90938a3c">Bitkey</a>, the self-custody wallet built by <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fblock.xyz%2F&amp;esheet=54154700&amp;newsitemid=20241118370113&amp;lan=en-US&amp;anchor=Block%2C+Inc&amp;index=2&amp;md5=61f0238623b02f4207ec27cf6086aa12">Block, Inc</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), announced today the launch of an inheritance feature for customers around the world that will start to roll out next month, and will be available to all Bitkey customers in January 2025. While people who hold the keys to their bitcoin have full control of their money, today's solutions don't offer a simple way to pass their bitcoin on to the next generation. Today, those who self-custody their bitcoin need to glue together multiple products, ask beneficiaries to remember long passwords, or leave complicated instructions that beneficiaries may or may not be able to follow. Now, Bitkey is introducing a safe and easy way for customers to make sure their bitcoin moves seamlessly into the hands of their loved ones. Access to Bitkey's inheritance plan will be initially included with the purchase of every Bitkey hardware device — including existing Bitkey customers — and it will make it possible for the funds held in a Bitkey wallet to be transferred to a designated beneficiary after the passing of a Bitkey owner.

Bitkey, The Self-Custody Wallet Built By Block Launches An Inheritance Feature For Seamless Legacy Bitcoin Transfers, Will Launch Widely In January 2025

On CNBC's &#8220;<a href="https://www.benzinga.com/topic/mad-money-lightning-round">Mad Money Lightning Round</a>,&#8221; Jim Cramer said he has been behind Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) for a long time. He added, &#8220;This stock has now had a major move at last, and it's not done.&#8221;
On Nov. 7, Block reported worse-than-expected third-quarter revenue results.
Cramer said although Northern Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NASDAQ">NTRS</a>) is &#8220;very good,&#8221; but BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) is better than it.
On Oct. 23, Northern Trust reported better-than-expected third-quarter financial results.
Dow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) is &#8220;very hard to own here,&#8221; Cramer said. &#8220;Dow has to do an upside surprise.&#8221;
On Nov. 8, Piper Sandler analyst Charles Neivert maintained Dow with an Overweight and lowered the price target from $62 to $60.
Super Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGHC#NYSE">SGHC</a>) finally &#8220;broke out,&#8221; the Mad Money host said.
On Nov. 6, Super Group posted third-quarter revenue of €402.9 million and profit of €8.5 million.
Cramer said Sprouts Farmers Market, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) is a &#8220;quality operator.&#8221;
On Oct. 30, Sprouts Farmers Market reported better-than-expected third-quarter financial results and issued fourth-quarter adjusted EPS guidance above estimates.
Price Action:
<ul>
<li>Block shares rose 1.1% to settle at $84.30 on Friday.</li>
<li>Northern Trust shares gained 1.6% to close at $107.60.</li>
<li>Dow shares fell 1.2% to settle at $44.04 during the session.</li>
<li>Super Group shares gained 1% to close at $5.32 on Friday.</li>
<li>Sprouts Farmers Market shares gained 0.1% to settle at $142.00 during the session.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/11/42024062/how-to-earn-500-a-month-from-apple-stock">How To Earn $500 A Month From Apple Stock</a></li>
</ul>
Image: Shutterstock

Long Ideas

Media

NTRS

SGHC

Jim Cramer: Super Group Finally 'Broke Out,' This Basic Materials Stock Is 'Very Hard To Own Here'

These ten large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>MicroStrategy Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock gained 25.97% last week amid the sharp rise in Bitcoin&#8217;s (CRYPTO: BTC/USD) price.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares escalated 24.53% after the company reported better-than-expected&nbsp;third-quarter results and several analysts revised <a href="https://www.benzinga.com//node/41950175" target="_blank" rel="noreferrer noopener">their price targets on the stock</a>.</li>
<li>Affirm Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) gained 20.80% last week. Wells Fargo maintained an Overweight rating on the stock and raised its <a href="https://www.benzinga.com/quote/afrm/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $52 to $55</a>.</li>
<li>Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) stock upped 16.22% after announcing <a href="https://www.benzinga.com//node/41971559" target="_blank" rel="noreferrer noopener">fourth-quarter results</a>. Analysts raised the <a href="https://www.benzinga.com/quote/dis/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) stock upped 14.39% after the company reported better-than-expected&nbsp;third-quarter&nbsp;earnings and <a href="https://www.benzinga.com//node/41950852" target="_blank" rel="noreferrer noopener">analysts boosted price targets.</a></li>
<li>Jack Dorsey&#8217;s Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) stock increased by 13.06%. Several analysts raised their <a href="https://www.benzinga.com/quote/sq/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts</a> on the stock.</li>
<li>Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) shares gained 12.97% last week. The company recently announced it acquired on-chain payments platform Utopia Labs. A sharp rise in Bitcoin price also played a part.</li>
<li>Palantir Technologies Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) stock upped 12.64%. The company announced it renewed its multi-year enterprise agreement with Rio Tinto for an additional four years of access to its AI platform. It also plans to transfer its stock <a href="https://www.benzinga.com//node/42010539" target="_blank" rel="noreferrer noopener">exchange listing to the Nasdaq</a>.</li>
<li>Grab Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>) shares increased 11.82% &nbsp;after the company reported third-quarter&nbsp;results and raised its FY25 revenue<a href="https://www.benzinga.com//node/41889889" target="_blank" rel="noreferrer noopener"> guidance&nbsp;above estimates</a>.</li>
<li>NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) shares rose 11.37% after the company reported <a href="https://www.benzinga.com//node/41964319" target="_blank" rel="noreferrer noopener">third-quarter&nbsp;financial results</a>.</li>
</ol>
Photo by Useacoin on Shutterstock

Large Cap

Movers

AFRM

GRAB

MSTR

NTES

SHOP

SPOT

Shopify, Disney And Coinbase Were Among Top 10 Large Cap Gainers Last Week (November 11-15): Are The Others In Your Portfolio?

Financial giants have made a conspicuous bearish move on Block. Our analysis of options history for Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) revealed 15 unusual trades.
Delving into the details, we found 40% of traders were bullish, while 46% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $92,180, and 12 were calls, valued at $1,227,460.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $125.0 for Block over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Block's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Block's substantial trades, within a strike price spectrum from $70.0 to $125.0 over the preceding 30 days.
<h3>Block Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731607256_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$13.65</td>
<td>$13.45</td>
<td>$13.45</td>
<td>$72.50</td>
<td>$402.1K</td>
<td>2.3K</td>
<td>306</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$2.36</td>
<td>$2.25</td>
<td>$2.36</td>
<td>$90.00</td>
<td>$202.4K</td>
<td>3.7K</td>
<td>1.1K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>11/22/24</td>
<td>$0.27</td>
<td>$0.23</td>
<td>$0.25</td>
<td>$93.00</td>
<td>$160.6K</td>
<td>7.3K</td>
<td>6.7K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/15/27</td>
<td>$13.55</td>
<td>$13.45</td>
<td>$13.55</td>
<td>$125.00</td>
<td>$135.5K</td>
<td>341</td>
<td>111</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$15.5</td>
<td>$15.25</td>
<td>$15.35</td>
<td>$70.00</td>
<td>$75.1K</td>
<td>2.7K</td>
<td>51</td>
</tr>
</tbody>
</table>

<h3>About Block</h3>
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.
In light of the recent options history for Block, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Block's Current Market Status</h3>
<ul>
<li>Currently trading with a volume of 5,295,109, the SQ's price is down by -2.13%, now at $83.99. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 98 days.</li>
</ul>
<h3>Professional Analyst Ratings for Block</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $92.2.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Consistent in their evaluation, an analyst from Needham keeps a Buy rating on Block with a target price of $90. 
&#x2A; An analyst from RBC Capital downgraded its action to Outperform with a price target of $88. 
&#x2A; Maintaining their stance, an analyst from Canaccord Genuity continues to hold a Buy rating for Block, targeting a price of $120. 
&#x2A; In a cautious move, an analyst from Piper Sandler downgraded its rating to Overweight, setting a price target of $83. 
&#x2A; An analyst from Keefe, Bruyette &amp; Woods has decided to maintain their Market Perform rating on Block, which currently sits at a price target of $80. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Block with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Decoding Block's Options Activity: What's the Big Picture?

Shares of Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), led by Jack Dorsey, closed up 4.62% on Tuesday, gaining over 16% in the past five days as Piper Sandler&#8216;s Managing Director and Senior Research Analyst Arvind Ramnani initiated coverage with an &#8220;overweight&#8221; rating and set a price target of $83 per share. 
Block shares on Tuesday outperformed their benchmark indices, as the NYSE Composite closed 0.81% lower and the Russell 2000 dropped 1.77% on the same day.
What Happened: Ramnani&#8217;s investor note highlights Block&#8217;s skill in launching new ventures, including its cryptocurrency business, and penetrating large fintech markets, TipRanks <a href="https://www.tipranks.com/news/the-fly/block-assumed-with-an-overweight-at-piper-sandler-2">reported</a>. The analyst estimates a $130 billion total addressable market for Block&#8217;s Square payments business and a $75 billion market for its Cash App payment app.
Also read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41833692/jack-dorsey-reaffirms-blocks-bitcoin-centric-vision-to-boost-digital-wallet-mining-businesses-companys-btc-stash-grows-by-15m-in-q3" target="_blank" rel="noreferrer noopener">Jack Dorsey Reaffirms Block's Bitcoin-Centric Vision To Boost Digital Wallet, Mining Businesses— Company's BTC Stash Grows By $15M In Q3</a>
Why It Matters: The coverage was initiated after <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/41852746/block-reports-mixed-q3-analysts-consider-preliminary-2025-outlook-as-aggressive">Block reported its third-quarter financials</a> last week after Thursday's market close. The results were mixed with an EPS beat but a miss on revenues, however, Dorsey&#8217;s commentary was positive.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41833692/jack-dorsey-reaffirms-blocks-bitcoin-centric-vision-to-boost-digital-wallet-mining-businesses-companys-btc-stash-grows-by-15m-in-q3">Jack Dorsey stated</a> that Block's Bitcoin-centric strategy was driven by the desire to establish a native currency for the Internet, which would accelerate their business. Apart from the "Cash App" digital wallet service, the co-founder expressed confidence in Bitcoin's ability to boost its mining chip offerings.
"If we have a native currency for the Internet, it means we can move money much faster, and we can offer Cash App products and Square products in every single market instead of the market-by-market push that we have to do today," Dorsey emphasized.
Price Action: The shares of Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) were down 1.57% in trade during pre-market hours on Wednesday as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data. The relative strength index at 55.59 shows that the stock is neither overbought or oversold.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="270" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050228/Block-Inc--1024x270.png" alt="" class="wp-image-644841" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050228/Block-Inc--1024x270.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050228/Block-Inc--300x79.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050228/Block-Inc--768x203.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050228/Block-Inc--1536x405.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050228/Block-Inc-.png 1743w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The consensus estimates of all the analysts tracking the stock, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>, is a &#8220;buy&#8221;. Following are a few analysts&#8217; views covered by <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/41852746/block-reports-mixed-q3-analysts-consider-preliminary-2025-outlook-as-aggressive">Benzinga</a><a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/41852746/block-reports-mixed-q3-analysts-consider-preliminary-2025-outlook-as-aggressive">.</a><a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/41852746/block-reports-mixed-q3-analysts-consider-preliminary-2025-outlook-as-aggressive">com</a>.
<ul>
<li>Needham <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/60216a57879cba00010f246b/david-williams" target="_blank" rel="noreferrer noopener">analyst Mayank Tandon</a> maintained a Buy rating while raising the price target from $80 to $90.</li>
<li>JPMorgan&nbsp;<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f777c10bd99100018a435e/tien-tsin-huang" target="_blank" rel="noreferrer noopener">analyst Tien-tsin Huang</a>&nbsp;reiterated an Overweight rating and price target of $90.</li>
<li>Stephens&nbsp;<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/624d5d9d72b50e0001afdf24/charles-nabhan" target="_blank" rel="noreferrer noopener">analyst Charles Nabhan</a>&nbsp;reaffirmed an Overweight rating and price target of $90.</li>
<li>Oppenheimer&nbsp;<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58d3cdb8b85e930001808a5c/rayna-kumar" target="_blank" rel="noreferrer noopener">analyst Rayna Kumar</a>&nbsp;maintained a Perform rating on the stock.</li>
</ul>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="615" height="403" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050246/analyst-trend.png" alt="" class="wp-image-644842" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050246/analyst-trend.png 615w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13050246/analyst-trend-300x197.png 300w" sizes="(max-width: 615px) 100vw, 615px" /></figure>
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41825733/could-micas-passport-system-open-doors-across-europe-for-crypto-exchanges" target="_blank" rel="noreferrer noopener">Could MiCA's Passport System Open Doors Across Europe For Crypto Exchanges?</a></li>
</ul>
Photo by Frederic Legrand &#8211; COMEO on Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Market-Moving Exclusives

Jack Dorsey's Block Shares Rally As Piper Sandler Initiates Coverage With 'Overweight' Rating: Here's What Other Analysts Are Saying

WIIM

Block shares are trading higher after Canaccord Genuity maintained a Buy rating on the stock and raised its price target from $95 to $120.

Canaccord Genuity analyst Joseph Vafi maintains Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) with a Buy and raises the price target from $95 to $120.

Canaccord Genuity Maintains Buy on Block, Raises Price Target to $120

Whales with a lot of money to spend have taken a noticeably bullish stance on Block.
Looking at options history for Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) we detected 85 trades.
If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 30% with bearish.
From the overall spotted trades, 10 are puts, for a total amount of $617,402 and 75, calls, for a total amount of $5,245,810.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $42.5 to $100.0 for Block over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Block stands at 2436.8, with a total volume reaching 102,815.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Block, situated within the strike price corridor from $42.5 to $100.0, throughout the last 30 days.
<h3>Block Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731350819_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$0.37</td>
<td>$0.33</td>
<td>$0.28</td>
<td>$91.00</td>
<td>$431.6K</td>
<td>179</td>
<td>13.3K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$10.3</td>
<td>$10.2</td>
<td>$10.27</td>
<td>$75.00</td>
<td>$203.8K</td>
<td>5.0K</td>
<td>1.7K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$8.0</td>
<td>$7.85</td>
<td>$7.85</td>
<td>$80.00</td>
<td>$137.3K</td>
<td>8.2K</td>
<td>1.7K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$2.6</td>
<td>$2.5</td>
<td>$2.55</td>
<td>$95.00</td>
<td>$127.5K</td>
<td>3.0K</td>
<td>1.2K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$23.0</td>
<td>$23.0</td>
<td>$23.0</td>
<td>$70.00</td>
<td>$115.0K</td>
<td>914</td>
<td>68</td>
</tr>
</tbody>
</table>

<h3>About Block</h3>
Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2023, Square's payment volume was a little over $200 million.
After a thorough review of the options trading surrounding Block, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of Block</h3>
<ul>
<li>With a trading volume of 14,452,974, the price of SQ is up by 1.39%, reaching $75.6.</li>
<li>Current RSI values indicate that the stock is may be overbought.</li>
<li>Next earnings report is scheduled for 101 days from now.</li>
</ul>
<h3>Expert Opinions on Block</h3>
4 market experts have recently issued ratings for this stock, with a consensus target price of $85.25.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $83. 
&#x2A; Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Block, targeting a price of $90. 
&#x2A; Reflecting concerns, an analyst from RBC Capital lowers its rating to Outperform with a new price target of $88. 
&#x2A; Consistent in their evaluation, an analyst from Keefe, Bruyette &amp; Woods keeps a Market Perform rating on Block with a target price of $80. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Block with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Block Unusual Options Activity

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Below are some instances of options activity happening in the Financials sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>HOOD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$35.00</td>
<td>$57.7K</td>
<td>10.9K</td>
<td>16.2K</td>
</tr>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$320.00</td>
<td>$69.6K</td>
<td>1.2K</td>
<td>9.9K</td>
</tr>
<tr>
<td>ABR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$12.50</td>
<td>$37.0K</td>
<td>39.7K</td>
<td>2.0K</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$87.50</td>
<td>$47.0K</td>
<td>3.0K</td>
<td>771</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$46.00</td>
<td>$186.0K</td>
<td>2.9K</td>
<td>609</td>
</tr>
<tr>
<td>PYPL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/13/24</td>
<td>$78.00</td>
<td>$56.4K</td>
<td>695</td>
<td>465</td>
</tr>
<tr>
<td>UPST</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$77.00</td>
<td>$36.7K</td>
<td>0</td>
<td>462</td>
</tr>
<tr>
<td>SOFI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$5.00</td>
<td>$48.0K</td>
<td>20.4K</td>
<td>426</td>
</tr>
<tr>
<td>RKT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$17.00</td>
<td>$37.0K</td>
<td>441</td>
<td>211</td>
</tr>
<tr>
<td>FUTU</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$155.00</td>
<td>$68.8K</td>
<td>12</td>
<td>84</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For HOOD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), we notice a call option sweep that happens to be bearish, expiring in 4 day(s) on November 15, 2024. This event was a transfer of 759 contract(s) at a $35.00 strike. This particular call needed to be split into 44 different trades to become filled. The total cost received by the writing party (or parties) was $57.7K, with a price of $76.0 per contract. There were 10923 open contracts at this strike prior to today, and today 16242 contract(s) were bought and sold. 
• For COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we notice a call option sweep that happens to be bullish, expiring in 4 day(s) on November 15, 2024. This event was a transfer of 40 contract(s) at a $320.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $69.6K, with a price of $1740.0 per contract. There were 1284 open contracts at this strike prior to today, and today 9905 contract(s) were bought and sold. 
• Regarding ABR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABR#NYSE">ABR</a>), we observe a put option sweep with bullish sentiment. It expires in 67 day(s) on January 17, 2025. Parties traded 1852 contract(s) at a $12.50 strike. This particular put needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $37.0K, with a price of $20.0 per contract. There were 39769 open contracts at this strike prior to today, and today 2021 contract(s) were bought and sold. 
• Regarding SQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), we observe a call option sweep with bearish sentiment. It expires in 67 day(s) on January 17, 2025. Parties traded 107 contract(s) at a $87.50 strike. This particular call needed to be split into 17 different trades to become filled. The total cost received by the writing party (or parties) was $47.0K, with a price of $440.0 per contract. There were 3011 open contracts at this strike prior to today, and today 771 contract(s) were bought and sold. 
• For BAC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), we notice a call option sweep that happens to be bullish, expiring in 130 day(s) on March 21, 2025. This event was a transfer of 600 contract(s) at a $46.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $186.0K, with a price of $310.0 per contract. There were 2961 open contracts at this strike prior to today, and today 609 contract(s) were bought and sold. 
• For PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we notice a call option sweep that happens to be bearish, expiring in 32 day(s) on December 13, 2024. This event was a transfer of 60 contract(s) at a $78.00 strike. This particular call needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $56.4K, with a price of $982.0 per contract. There were 695 open contracts at this strike prior to today, and today 465 contract(s) were bought and sold. 
• For UPST (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>), we notice a put option sweep that happens to be bearish, expiring in 4 day(s) on November 15, 2024. This event was a transfer of 150 contract(s) at a $77.00 strike. This particular put needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $36.7K, with a price of $245.0 per contract. There were 0 open contracts at this strike prior to today, and today 462 contract(s) were bought and sold. 
• For SOFI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), we notice a call option trade that happens to be bullish, expiring in 431 day(s) on January 16, 2026. This event was a transfer of 50 contract(s) at a $5.00 strike. The total cost received by the writing party (or parties) was $48.0K, with a price of $960.0 per contract. There were 20467 open contracts at this strike prior to today, and today 426 contract(s) were bought and sold. 
• For RKT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>), we notice a call option trade that happens to be bullish, expiring in 130 day(s) on March 21, 2025. This event was a transfer of 200 contract(s) at a $17.00 strike. The total cost received by the writing party (or parties) was $37.0K, with a price of $185.0 per contract. There were 441 open contracts at this strike prior to today, and today 211 contract(s) were bought and sold. 
• Regarding FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we observe a call option trade with bullish sentiment. It expires in 221 day(s) on June 20, 2025. Parties traded 83 contract(s) at a $155.00 strike. The total cost received by the writing party (or parties) was $68.8K, with a price of $830.0 per contract. There were 12 open contracts at this strike prior to today, and today 84 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

FUTU

PYPL

SOFI

UPST

10 Financials Stocks With Whale Alerts In Today's Session

Block shares are trading higher after Piepr Sandler issued an Overweight rating on the stock and announced a price target of $83.

Piper Sandler analyst Arvind Ramnani assumes Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) with a Overweight rating and announces Price Target of $83.

Initiation

Piper Sandler Assumes Block at Overweight, Announces Price Target of $83

Employees at Block, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), the fintech company led by&nbsp;Jack Dorsey, have been reportedly directed&nbsp;not to discuss board member&nbsp;and rapper Shawn Carter, better known as&nbsp;Jay-Z.
What Happened: Block employees were given &#8220;stern warnings&#8221; by management against mentioning Jay-Z on internal company&nbsp;forums. The rationale behind this directive is yet to be clarified, <a href="https://fortune.com/2024/11/07/block-jack-dorsey-jay-z-layoffs/">reported</a> Fortune, citing three employees.
The directive to avoid mentioning Carter was given last month.
This occurred around the same time when some employees began questioning Carter&#8217;s position on Block&#8217;s board.
This was due to the rapper&#8217;s long-standing friendship with rapper and entrepreneur Sean "Diddy" Combs, who is currently in prison awaiting trial on serious charges.
After issuing the warning about discussing Carter, Dorsey conducted a virtual all-hands meeting, during which he reportedly disabled the option&nbsp;for employees to ask questions&nbsp;anonymously.
See Also: <a href="https://www.benzinga.com/news/24/09/40893054/mark-cuban-says-he-would-buy-rupert-murdochs-fox-news-and-elon-musks-x-but-there-are-some-obstacles?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Would Buy Rupert Murdoch&#8217;s Fox News And Elon Musk&#8217;s X But There Are Some Obstacles</a>
<a href="https://www.benzinga.com/news/24/10/41646193/block-ceo-jack-dorsey-announces-another-round-of-layoffs-at-tidal">Block laid off several employees</a> from music streaming service Tidal&#8217;s staff last week, with more cuts anticipated across other Block entities, including Square and CashApp.
Layoffs also took place at Square and TBD, Block&#8217;s developer platform, which is now slated for closure, the report noted.
Why It Matters: In 2021, CEO Dorsey's Block secured a controlling interest in the Tidal, which Carter owned. Dorsey and Carter are reported to have a close personal friendship.
In the same year, Dorsey and Jay-Z launched a Bitcoin-focused <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41114650/if-you-invested-1000-in-bitcoin-when-jack-dorsey-and-rapper-jay-z-establish-a-bitcoin-non-">non-profit aimed at advancing</a> the cryptocurrency, with an initial focus on Africa and India.
They contributed 500 BTC to support the initiative. At the time, Bitcoin was priced at $47,504, so a $1,000 investment would have bought 0.021 BTC.
The directive against discussing Carter comes at a time when Block is facing significant challenges. The company&#8217;s shares took a hit after <a href="https://www.benzinga.com/news/earnings/24/11/41826457/block-shares-sink-after-mixed-q3-results-eps-beat-revenues-miss">mixed third-quarter results</a> reported after Thursday&#8217;s closing bell.
Block reported quarterly earnings of 88 cents per share, surpassing the analyst consensus of 87 cents.
However, its quarterly revenue totaled $5.97 billion, falling short of the expected $6.24 billion, though it represents an increase from $5.617 billion in sales during the same period last year.
Price Action: Block&#8217;s shares closed Friday's trading down 0.94% at $74.56. In after-hours trading, the stock dropped further, reaching $74 at the time of writing, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/11/41799239/amazons-andy-jassy-says-i-hate-bureaucracy-as-he-plans-to-slash-managerial-layers-the-goal-again-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon&#8217;s Andy Jassy Says &#8216;I Hate Bureaucracy&#8217; As He Plans To Slash Managerial Layers: &#8216;The Goal Again Is… To Move More Quickly&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Tech

General

Jack Dorsey's Block Gave Employees 'Stern Warnings' To Not Talk About Jay-Z Amid Layoffs: Report

The S&amp;P 500 index surged past the 6,000-point milestone, setting fresh record highs, and small-cap stocks are poised for their best weekly performance since April 2024 as investor optimism surrounding the &#8220;Trump trade&#8221; continued to fuel a strong risk-on sentiment by the end of a <a href="https://www.benzinga.com/markets">wild week in the market</a>. 
All major U.S. indices posted modest gains in midday trading, with the Dow Jones Industrial Average leading slightly, soaring beyond the 44,000-point mark. The blue-chip index is set for its best weekly performance in over a year.
Friday's rise in the S&amp;P 500 was powered by the utilities and real estate sectors, which had lagged post-election. Tech stocks took a breather following Thursday's rally.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) surged 7%, pushing its weekly gains beyond 27% and propelling its market cap past $1 trillion. 
This move now places every "Magnificent Seven" tech stock in the trillion-dollar club, with the group's combined market cap topping $17 trillion.
Treasury yields held steady, while the dollar strengthened in response to the Federal Reserve's Thursday 25-basis-point rate <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41823887/powell-dismisses-talk-of-resignation-after-trump-victory-says-policy-is-still-res">cut to 4.5%-4.75%</a>.
Gold softened, eyeing its worst week since late May, as both silver and oil dropped over 2% on the day. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) edged up 0.8%, extending its weekly gains to over 11%, marking its best week since July.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,993.21</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,998.81</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,389.50</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>21,124.53</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:05 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $598.17.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.6% to $439.89.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.1% higher to $514.10.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.3% to $237.08.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 1.8%. The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 1%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
Stocks reacting to earnings reports were: 
<ul>
<li>NRG Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>), up 0.5%, </li>
<li>Ubiquiti Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UI#NYSE">UI</a>), up 21%</li>
<li>Arista Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NASDAQ">ANET</a>), down 7%, </li>
<li>Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), down 7.5%, </li>
<li>Motorola Solutions Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>), up 6.7%, </li>
<li>EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>), up 5.9%, </li>
<li>Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), up over 9%, </li>
<li>The Trade Desk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), down over 4%, </li>
<li>Monster Beverage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>), up by 0.5%, </li>
<li>Axon Enterprise Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>), up 25%, </li>
<li>Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), down 4.4%, </li>
<li>Cloudfare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>), down 6.2%, </li>
<li>Corpay Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPAY#NYSE">CPAY</a>), up 6%, </li>
<li>Expedia Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NYSE">EXPE</a>), up over 6%, </li>
<li>Toast Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>), up 13%, </li>
<li>Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), down 17%, </li>
<li>DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), up 1.7%, </li>
<li>Insulet Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>), up 12%, </li>
<li>News Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWS#NASDAQ">NWS</a>), up 3.6%, </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41848568/us-consumer-sentiment-rises-more-than-predicted-to-6-month-highs-inflation-expectations-hit-4-year-low">US Consumer Sentiment Rises More Than Predicted To 6-Month Highs, Inflation Expectations Hit 4-Year Low</a></li>
</ul>
Illustration created using artificial intelligence via Midjourney.

Sector ETFs

$BTC

ABNB

ANET

AXON

CPAY

SPDR Dow Jones Industrial Average ETF Trust

DKNG

EXPE

FTNT

MNST

PINS

PODD

S&P 500 Breaks 6,000 Points, Dow Soars Above 44,000, Small Caps Eye Strongest Week In 4 Years, Tesla Hits $1 Trillion: What's Driving Markets Friday?

Shares of Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) tumbled in early trading on Friday, after the company reported <a href="https://www.benzinga.com/news/earnings/24/11/41826457/block-shares-sink-after-mixed-q3-results-eps-beat-revenues-miss">mixed third-quarter results</a>.
The company reported its results amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
<ul>
<li>Needham <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/60216a57879cba00010f246b/david-williams">analyst Mayank Tandon</a> maintained a Buy rating, while raising the price target from $80 to $90.</li>
<li>JPMorgan <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f777c10bd99100018a435e/tien-tsin-huang">analyst Tien-tsin Huang</a> reiterated an Overweight rating and price target of $90.</li>
<li>Stephens <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/624d5d9d72b50e0001afdf24/charles-nabhan">analyst Charles Nabhan</a> reaffirmed an Overweight rating and price target of $90.</li>
<li>Oppenheimer <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58d3cdb8b85e930001808a5c/rayna-kumar">analyst Rayna Kumar</a> maintained a Perform rating on the stock.</li>
</ul>
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
Needham: Block's GPV (gross payment volume) came in at $62.5 billion, up 4% year-on-year, but missed consensus of $64.33 billion consensus, while gross profit of $2.25 billion, beat consensus of $2.24 billion, Tandon said. Although GPV weakness weighed on transaction revenues, "healthy margins and operating leverage fueled better profitability," he added.
The company raised its full-year guidance due to better third-quarter results, but its fourth-quarter outlook was "lighter than expected on both gross profit and EBITDA," the analyst stated. "We believe the softer 4Q guide reflects persistent pressure on Seller GPV growth and higher than expected investments in sales and marketing," he further wrote.
JPMorgan: Block's quarterly results were "solid," but the negative surprise was a reduction in the fourth-quarter guidance, Huang said. Management's preliminary 2025 outlook of at least 15% growth in gross profit "assumes acceleration through the year inclusive of improving Square GPV growth, a critical watch item for investors given underperformance vs. peers and the market," he added.
"With this guide, the execution bar has been set higher for next year," the analyst wrote. While gross profit growth decelerated through the year in 2024, Block will need to "accelerate from a +14% exit rate in FY24, putting its various product, GTM and organizational initiatives to the test for it to achieve similar upside as it has this year," he further wrote.
Stephens: Block's third-quarter beat was driven by expense control, Nabhan said. Cash App's gross profit grew by 21% year-on-year, while Square's gross profit rose 16%, with GPV decelerating to 7.6% year-on-year, from 8% in the second quarter, he added.
The company raised its full-year adjusted operating income by $120 million, which reflected the third-quarter beat, the analyst stated. "Given GP growth/adj op margin of 18%, the outlook equates to 36% on a rule of 40 basis, vs. 35% prior," he further wrote.
Oppenheimer: Block's adjusted EBITDA grew 69% to $807 million and beat consensus of $707 million, but total GPV rose by only 2%, missing Street&#8217;s 5% estimate, Kumar said. Cash App's GPV contracted by 40%, versus Street&#8217;s estimate of a 9% decline, while Square's GPV growth of 8% came in-line with expectations, he added.
Investor concerns around the company's slowing top-line growth "were evident in results," the analyst stated. Block seems well-positioned for continued market share gains, but upside potential is limited by its "relatively high exposure to discretionary consumer spend, small businesses and the non-affluent demographic," he further wrote.
Price Action: Shares of Block had declined by 5.52% to $71.08 at the time of publication on Friday.
Read More: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41833692/jack-dorsey-reaffirms-blocks-bitcoin-centric-vision-to-boost-digital-wallet-mining-businesses-companys-btc-stash-grows-by-15m-in-q3">Jack Dorsey Reaffirms Block&#8217;s Bitcoin-Centric Vision To Boost Digital Wallet, Mining Businesses— Company&#8217;s BTC Stash Grows By $15M In Q3</a></li>
</ul>
Image: Shutterstock

Analyst Color

Earnings Beats

Reiteration

Block Reports Mixed Q3, Analysts Consider Preliminary 2025 Outlook As Aggressive

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Block's Afterpay brings buy now, pay later to Google Pay ahead of holiday season

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Exane BNP Paribas downgraded Block (SQ) to Neutral from Outperform with an $88 price target The company's growth is slowing as the shares have rall...

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Block Inc: Chart Analysis

CFPB finalizes rule on digital payment apps

Block nears session highs after TV commentator pitches

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