Block Stock Higher on Quarterly Beat, Forecast

Analysts and options traders are responding to the results

Deputy Editor
May 3, 2024 at 10:13 AM
facebook X logo linkedin

Fintech stock Block Inc (NYSE:SQ) is up 3.8% to trade at $72.98 at last check, after the company announced better-than-expected first-quarter earnings of 85 cents per share on $5.96 billion in revenue. In addition, Block revealed plans to buy more Bitcoin (BTC) and hiked its annual forecast.

Needham raised its priced target to $105 following the results, and TD Cowen adjusted up to $92, both of which are healthy premiums to SQ's current perch. The majority of analysts are bullish on the equity, with 29 of 37 in coverage recommending a "buy" or "strong buy."

Options traders are piling on as well, with 41,000 calls and 23,000 puts exchanged so far -- overall volume that is six times the intraday average amount. The most popular contract is the weekly 5/3 75-strike call.

On the charts, today's pop is losing steam at Block stock's 30-day moving average -- a trendline that acted as resistance for most of April. Nevertheless, the equity still boasts a more than 24% year-over-year lead, and added roughly 53% during the past six months. 


Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.

Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!




Rainmaker Ads CGI