What's Going On With Block Stock Today?
Portfolio Pulse from Adam Eckert
Block Inc (NYSE:SQ) announced a CEO transition for its Square business, with Alyssa Henry departing the company effective Oct. 2. Jack Dorsey, Block head and chairperson, is set to serve as the new Square CEO. Following the announcement, Wedbush analyst Nick Setyan reiterated Block with a Neutral rating and maintained a price target of $70. Block shares are down close to 20% over a one-year period.
September 19, 2023 | 12:40 pm
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NEGATIVE IMPACT
Block Inc announced a CEO transition for its Square business, which led to a drop in its share price. The stock is down close to 20% over a one-year period.
The announcement of a CEO transition, especially when it involves a key figure like Alyssa Henry, can create uncertainty among investors, leading to a drop in the stock price. The fact that the stock is already down close to 20% over a one-year period further exacerbates this negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100