Square Stock Earns Bull Note on the Heels of CEO Exit

The equity looks ripe for a short squeeze

Digital Content Manager
Nov 30, 2021 at 10:51 AM
facebook X logo linkedin


The shares of Square Inc (NYSE:SQ) are down 1.3% to trade at $210.16 at last check, despite the digital payments name receiving an upgrade from BofA Global Research to "neutral" from "underperform," and a price-target hike to $221 from $210. Today's bull note comes after Jack Dorsey left his post as CEO of both Twitter (TWTR) and Square, as some seem to believe his departure may bring tailwinds to crypto-related stocks.

Square stock has had an extremely volatile year thus far, staging a dramatic pullback from its Aug. 5, all-time high of $289.23. The equity seems to be bouncing off the $205 level more recently, though overhead pressure remains at the $220 mark. Over the last month, SQ has shed 15.4%.

The brokerage bunch was already firmly bullish towards the security coming into today. Of the 29 in question, 20 carry a "buy" or better rating, while the other nine say "hold" or worse. What's more, the 12-month consensus target price of $295.08 is a notable 37.7% premium to current levels.

Short sellers have already started to hit the exits in droves, though SQ still looks ripe for a short squeeze. Short interest is off 32.5% in the most recent reporting period, yet the 27.31 million shares sold short make up 7% of the stock's available float, or nearly one week's worth of pent-up buying power.

A shift in the options pits could keep pushing Square stock forward. This is per SQ's 50-day put/call volume ratio of at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 89% of annual readings, indicating long puts have been getting picked up at a faster-than-usual clip.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI