- Kathy Wood explains why she buys block stocks.
- Barclays expects crypto stocks to rise to $103 per share.
- Block stocks are currently down 70% from their all-time highs.
Block Inc (NYSE: SQ) has been on an upward trend since March 13th.th Kathy Wood, a well-known investor, has been buying shares in financial technology companies.
Wood’s bull case against block stocks
On Friday, Wood spent about $4.3 million to buy just under 59,000 shares in the multinational company split between her two exchange-traded funds, her flagship ARKK and ARKW.
The purchase was in addition to about $29 million worth of block stock she bought in the same week.explain why this morning CNBCWood said:
I see two things about Block Inc. As Block Inc. reduces the cost of financial services, more people are flocking to the block. And we are developing a closed-loop ecosystem.
From its August 2021 all-time high, the block stock is down more than 70% at the time of writing.
Barclays Sees Block Shares Rise to $103
[Closed-loop ecosystem] It could be one of the big winners in the digital wallet space where clients don’t have to interact with banks. Cash App and Square take care of that.
Her bullish view comes in line with Barclays’ repeated ‘overweight’ rating for the block stock a day ago, citing long-term market share gains.
Analyst Ramsey El-Assal expects the block stock to rise to $103. From here he’s up over 30%.