What's Going On With Block Stock Thursday?
Portfolio Pulse from Anusuya Lahiri
Block Inc (NYSE:SQ) shares dropped after Morgan Stanley downgraded the stock and lowered its price target. Meanwhile, Benchmark analyst Mark Palmer raised his price target for Block, citing the company's focus on profitability and strategic shift towards banking products on Cash App. Block's stock has gained 86% in the past six months, and exposure to Block is available through ARK Fintech Innovation ETF (NYSE:ARKF) and ARK Next Generation Internet ETF (NYSE:ARKW).
April 04, 2024 | 6:39 pm
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NEUTRAL IMPACT
ARK Fintech Innovation ETF, which includes exposure to Block Inc, may see indirect effects from the mixed analyst ratings and strategic shifts within Block.
Given ARKF's diversified portfolio, the direct impact of Block's stock movement may be mitigated, but it's still relevant for investors holding ARKF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
ARK Next Generation Internet ETF, holding Block Inc, faces potential short-term impact from Block's recent analyst ratings and strategic business shifts.
ARKW's exposure to Block means it could be indirectly affected by the stock's performance, though its diversified nature may buffer significant impacts.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Block Inc's stock fell after a downgrade by Morgan Stanley, despite a price target increase from Benchmark analyst Mark Palmer, highlighting a strategic shift and focus on profitability.
The downgrade by Morgan Stanley likely has a more immediate negative impact on investor sentiment and stock price, despite the positive outlook from Benchmark.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100