Fintech Fuels 105% Growth With Bitcoin Boost. Savvy Funds Want In. – Investor’s Business Daily

Fintech Fuels 105% Growth With Bitcoin Boost. Savvy Funds Want In. – Investor’s Business Daily

Spread the love

From its roots as a payment solutions provider for retailers formerly known as Square, Block (SQ) has transformed itself into a force in fintech, blockchain technology and bitcoin. The corporate name reflects that evolution, compiling a collection of building blocks, including Cash App, Afterpay and Bitkey. Top money managers have taken note, scooping up shares of Block stock.


Block-owned subsidiaries also include Spiral, Tidal and TBD.

On the heels of a strong earnings report on Feb. 22, Block stock made this month’s list of new buys by the best mutual funds, alongside industry peers American Express (AXP), PaguSeguro (PAGS), Mr. Cooper (COOP) and Tradeweb (TW).

Earnings estimates for the next four quarters paint a rosy picture. Block stock analysts forecast earnings increases ranging from 59% to 102% during that time frame, leading to expectations of 79% growth to $3.22 a share for 2024.

The Square, Cash App, Bitkey and Afterpay parent currently earns a spot on the IBD Leaderboard watchlist as shares of SQ stock rebound into buy range.

Last week, Afterpay announced it has expanded its slate of partnerships with retailers. Meanwhile, Bitkey — a Bitcoin wallet built by the Proto team at Block — said it has started shipping its first hardware devices to customers’ homes. According to Bitkey, the service enables customers to own and manage their Bitcoin easily and safely.

Yes, Top Funds Adore Nvidia. But They Love This Non-AI Sector.

Block Stock Back In Buy Range After Post-Earnings Seesaw

After dropping sharply off a record high in August 2021, shares of Block stock fell into a multiyear slump. But Block found a bottom in November of last year, kicking off a string of nine straight up weeks.

Block stock then formed a new cup pattern, culminating in more than a 16% one-day gain on earnings last month. Heavy volume on the gap-up confirmed investor enthusiasm for the move.

It also spurred a breakout past an 80.29 buy point. As an added bonus, the latest pattern was a first-stage base. Such early-stage chart patterns have a higher likelihood of generating sustained climbs.

Following the big initial gain, the fintech stock ran into several days of seesaw action — dropping, rising, then dropping again.

But Block stock has shown resilience, rebounding into buy range. Block closed 1% above the initial entry.

Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.


Cash App Parent Block In Buy Zone After 105% Profit Growth

Is Square Stock A Buy As Management Touts Cash App Banking Services?

Nvidia Reveals 8 ‘Secrets’ For When To Sell Stocks. No. 2 Is Key.

MarketSmith Is Now MarketSurge. Explore What Else Is New.

IBD Meetup Groups: How To Invest In Stocks — Socially


Related News