What's Going On With Block Stock?

Block, Inc. SQ shares are trading higher Wednesday after the company announced new merchant partnerships for Afterpay and its Bitkey hardware device has begun shipping to customers.

The Details:

Block said the first shipments of its self-custody Bitcoin wallet hardware device began this week, joining its currently available mobile app. The company described its Bitkey wallet as having three parts: a mobile app, a hardware device and a set of recovery tools. 

Bitkey has integrations with Cash App and Coinbase Global, Inc. COIN to allow customers to transfer and buy Bitcoin from the Bitkey wallet.

Afterpay announced a slate of new merchant partnerships, including Diane von Furstenberg, Diggs, For Eyes, HanesBrands, Kendra Scott, Made In Cookware, Molekule, Myka, Namawell, Oak & Luna, Poly & Bark, Shop Premium Outlets, Tornado Bus Company, and others. 

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SQ Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Block, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Block, the 200-day moving average sits at $62.55, according to Benzinga Pro, which is below the current price of $86.39. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

SQ Price Action: According to Benzinga Pro, Block shares are up 6.29% at $86.85 at the time of publication.

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