Block Stock: Time to Buy the New Kid on the Blockchain?
- Date: 02-Jan-2022
- Source: Nasdaq
- Sector:Financial Markets
- Country:Middle East
Block Stock: Time to Buy the New Kid on the Blockchain?
Shares of Jack Dorsey's financial technology firm Block (SQ), formerly Square, have been in free-fall mode for many months now. Currently down 42% off its $281-and-change peak hit in August, the name definitely looks compelling, even if high-multiple stocks are poised to continue getting hammered in the new year.
With the firm's name change comes a slight shift in focus and one that will have more of Dorsey's attention, with the man now taking a step back from Twitter (TWTR). Indeed, Dorsey is an incredible genius, but having his time split between two major tech behemoths wasn't ideal.
As SQ stock sinks lower, Block stock is shaping up to be an intriguing growth option at an ever-improving price. However, despite many analysts' bullishness on the stock, I remain neutral, given the lofty price of admission and the many longer-term risks that still remain.
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