Jennings Owen Britton, Business Lead at Block, Inc. (NYSE:SQ), a $57 billion market cap financial services company, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. According to InvestingPro data, Block's stock has shown strong momentum with a nearly 40% gain over the past six months. On January 2, Britton disposed of a total of 2,836 shares of Class A Common Stock in two separate transactions. The first sale involved 940 shares at a price of $86.52 per share, totaling $81,328. The second transaction involved 1,896 shares sold at $90.80 per share, amounting to $172,156. These transactions were conducted as part of a pre-established trading plan under Rule 10b5-1, adopted on August 5, 2024. Following these sales, Britton retains direct ownership of 195,449 shares of Block, Inc. The stock currently trades near $92, and InvestingPro analysis suggests the company is slightly undervalued, with additional insights available in their comprehensive Pro Research Report covering Block among 1,400+ top US stocks.
In other recent news, Block Inc. reported a 19% increase in gross profit, reaching $2.25 billion, alongside an improved adjusted free cash flow of $1.5 billion. The company expects a 14% year-over-year growth for Q4 2024. Block has also partnered with global foodservice distributor Sysco (NYSE:SYY) to offer advanced technology solutions to restaurants worldwide. Analyst firms, including Raymond (NS:RYMD) James and Bernstein SocGen Group, have maintained an Outperform rating for Block, while Monness, Crespi, Hardt upgraded its rating from Neutral to Buy. These firms highlighted Block's potential growth from Bitcoin-related endeavors and other factors. Block also introduced a new inheritance feature for its Bitkey bitcoin wallet, streamlining the process of transferring digital assets to beneficiaries after the owner's passing. These are recent developments in the company's strategy for continued growth.
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