- Cathie Wooden explains why she’s been shopping for Block shares.
- Barclays sees upside within the crypto inventory to $103 a share.
- Block inventory is at present down 70% versus its document excessive.
Block Inc (NYSE: SQ) has been in an uptrend since March 13th as famed investor Cathie Wooden continued to load up on shares of the monetary expertise firm.
Wooden’s bull case for the Block inventory
On Friday, Wooden spent round $4.3 million on to purchase slightly below 59,000 shares of the multinational break up between two of her exchange-traded funds – the flagship ARKK and ARKW.
The acquisition got here on prime of about $29 million value of Block shares she purchased earlier in the identical week. Explaining why this morning on CNBC, Wooden stated:
We’re seeing two issues with Block Inc. It’s lowering the price of monetary companies and so extra individuals are flocking to it. And it’s creating a closed-loop ecosystem.
Versus its document excessive in August 2021, Block inventory is down greater than 70% at writing.
Barclays sees upside in Block shares to $103
Final month, Block reported per-share earnings for its fiscal fourth quarter that got here in shy of Avenue estimates. Nonetheless, Wooden stated at the moment on “Squawk on the Street”:
[Closed-loop ecosystem] might be one of many massive winners in digital pockets area the place purchasers received’t should work together with banks. Money App and Sq. will care for that.
Her bullish view is according to Barclays that reiterated its “overweight” ranking on the Block inventory only a day earlier citing long-term market share good points.
Analyst Ramsey El-Assal sees upside in Block shares to $103 – up greater than 30% from right here.