Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Friday, October 12, 2018 9:38:00 AM
By: Schaeffer's Investment Research | October 12, 2018
The brokerage firm targeted 30% upside for SQ stock
Square stock is set to bounce sharply in today's trading
It's been a rough week for Square Inc (NYSE:SQ) amid the surprise resignation of the company's chief financial officer (CFO) Sarah Friar and a dramatic broad-market sell-off. However, Canaccord Genuity thinks this recent pullback creates a buying opportunity, and upgraded the payments processing name to "buy" from "hold," while boosting its price target by $30 to $90 -- a 30% premium to last night's close at $69.03.
Looking closer at the charts, Square stock raced to a record high of $101.14 as recently as Oct. 1, thanks to a lofty bull note. Plus, this week's pullback was quickly contained by the equity's 140-day moving average, and SQ shares have still nearly doubled in value in 2018. Today, the shares are trading up 8.8% ahead of the bell.
But there is still plenty of underlying skepticism surrounding the long-term outperformer. Of the 30 brokerages covering SQ, 17 rate it a "hold" or "strong sell." In addition, while short interest fell 6.9% in the latest reporting period, the 25.40 million shares sold short still represent nearly 9% of the equity's total available float. This leaves the door open for more bull notes and/or short covering to fuel upside for the shares.
Those wanting to bet on a bigger bounce for SQ may want to consider a premium-buying options strategy. The stock's Schaeffer's Volatility Scorecard (SVS) reading arrives at a lofty 97 out of a possible 100, which shows the equity has tended to make larger-than-expected moves on the chart, compared to what the options market has priced in.
Read More »»»
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Recent SQ News
- Square Financial Services Launches Grant Initiative to Drive Community Development in Utah • Business Wire • 08/26/2024 06:00:00 PM
- Songwriters Can Now Manage Their Catalog with TIDAL • Business Wire • 08/26/2024 04:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:07:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:06:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:06:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:02:41 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/22/2024 08:25:46 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/22/2024 08:23:28 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 09:23:10 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 09:22:27 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 09:21:45 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 09:21:01 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 08:09:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2024 09:06:18 PM
- Google Forced to Modify Play Store, Apple Innovates, Victoria’s Secret Hires CEO, Mars Buys Kellanova • IH Market News • 08/15/2024 10:05:46 AM
- Google Mandated to Modify Play Store, Apple Innovates, Victoria’s Secret Hires CEO, Mars Buys Kellanova • IH Market News • 08/15/2024 10:05:46 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/13/2024 09:32:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/13/2024 08:09:15 PM
- Square’s Summer Quarterly Restaurant Report: Service Fees Continue to Grow, Wages Stay Above Inflation • Business Wire • 08/13/2024 11:00:00 AM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 08/09/2024 09:03:32 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/01/2024 08:19:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:16:55 PM
- Block Announces Second Quarter 2024 Results • Business Wire • 08/01/2024 08:10:00 PM
- Square Joins US Foods® CHECK® Business Tools Program to Help Restaurants Save Time and Money Through Powerful Technology • Business Wire • 07/25/2024 01:00:00 PM
- Microsoft Shares Drop 2% and CrowdStrike Plunges 21% Pre-Market Following Major Global Outage • IH Market News • 07/19/2024 10:01:22 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM