Fri Sep 20 12:30:23 UTC 2024: ## Moors & Cabot Cuts Stake in Block, Inc. Amidst Mixed Analyst Sentiment

**New York, NY -** Moors & Cabot Inc. has reduced its stake in Block, Inc. (NYSE: SQ) by 14% during the second quarter, according to a recent filing with the Securities and Exchange Commission. The fund now owns 6,253 shares of the technology company, valued at $403,000.

This move comes amidst a period of mixed activity from other institutional investors. While some, like Riverview Trust Co. and YHB Investment Advisors Inc., initiated new positions in Block during the first quarter, others, including Tidemark LLC and Vima LLC, acquired new stakes in the fourth quarter. Institutional investors currently hold 70.44% of Block’s stock.

Meanwhile, insider trading activity has been notable. Brian Grassadonia, an insider at Block, sold 1,889 shares on July 2nd for a total value of $121,594.93. Following the sale, he now owns 590,761 shares. Similarly, CAO Ajmere Dale sold 471 shares on the same day for $30,318.27, leaving him with 92,866 shares. Overall, insiders have sold 28,179 shares in the last 90 days, valued at $1,833,962.

Block’s recent earnings report, released on August 1st, showed the company exceeding analysts’ expectations, reporting $0.93 EPS for the quarter, surpassing the consensus estimate of $0.84 by $0.09. Revenue for the quarter reached $6.16 billion, slightly below the consensus estimate of $6.27 billion.

Analyst sentiment remains divided. While Benchmark reiterated a “buy” rating and William Blair upgraded Block to a “strong-buy” rating, Morgan Stanley decreased its target price and assigned an “underweight” rating. Despite this mixed outlook, the stock currently holds a “Moderate Buy” consensus rating and a consensus price target of $87.34.

Block, Inc. is a leading provider of payment and point-of-sale solutions, offering both hardware and software products that enable sellers to accept payments through various methods. The company’s commerce ecosystem is used by businesses across the United States and internationally.

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