Square Stock Has Momentum This Week

Square stockSquare Inc. (NYSE: SQ) is an electronic payments company. It develops a commerce ecosystem that includes a mobile payment app, credit card processing solutions, and bitcoin trade solutions. Based in California, the company generated revenue of $4.71 billion in 2019, its biggest year on record.

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The company’s stock has surpassed the average analyst target of $167.16, although some believe that it will climb even higher. The highest prediction reported by FactSet is $225, suggesting that the stock still has room for growth.

Square’s cash payment app is driving confidence. The Coronavirus Pandemic has created an increased demand for virtual and contactless payments. Square already has the infrastructure in place to capitalize on the new trend. Square stock is also diversifying its assets. It recently purchased $50 million in Bitcoin, a move that could see it generate significant profits. The cryptocurrency is already up 50% in the year so far.

Square also has strong financials to attract new investors. When it reported quarterly earnings in August, revenue was $1.92 billion, compared to the Wall Street estimate of $1.14 billion. Earnings per share hit $0.18, a 350% increase over the analyst estimate of -$0.07.

Square stock momentum in the market today makes it one of the most compelling stock picks of October.

Key Data:

  • 1 Year Price Growth: 18%
  • YTD Price Growth: 32%
  • 3 Month Price Growth: 30%

All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.

 

The reports, research and newsletter are based on current and historical market data, as well as publicly available financial data.They are intended to be a starting point for investors. They do not provide every material fact about a company or industry, nor are they recommendations to buy or sell. The writers and the company make no warranties or representations as to the accuracy of these reports.   You should NOT rely solely upon the information or opinions read in the content. Rather, you should use the content as a starting point for doing independent research on the independent analysis and trading methods in the content. The content is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. By accessing this website you have agreed to our disclaimers and privacy policy.

 

 

The reports, research and newsletter are based on current and historical market data, as well as publicly available financial data.They are intended to be a starting point for investors. They do not provide every material fact about a company or industry, nor are they recommendations to buy or sell. The writers and the company make no warranties or representations as to the accuracy of these reports.   You should NOT rely solely upon the information or opinions read in the content. Rather, you should use the content as a starting point for doing independent research on the independent analysis and trading methods in the content. The content is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. By accessing this website you have agreed to our disclaimers and privacy policy.

 

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