|Bid||0.00 x 2200|
|Ask||0.00 x 2900|
|Day's range||65.50 - 67.28|
|52-week range||24.22 - 69.40|
|PE ratio (TTM)||N/A|
|Earnings date||31 Jul 2018 - 6 Aug 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||59.48|
Investors worried that the growth of Square’s (SQ) Cash wallet app might be tied too closely to cybercurrency may have reason to relax. In a Wednesday note, the analysts at Nomura Instinet—Square bulls who recently suggested that the Cash App could be worth $20 per share by itself—pointed to recently Cash download numbers they say run counter to declining bitcoin prices. “The spike in bitcoin prices in late 2017 helps explain the surge in Cash App growth from +129% in 3Q17 to +181% by 4Q17.
Here are some things going on today in the world of tech: Shares of Tesla (TSLA) are up $6.70, or 2%, to $325.21, after Bloomberg’s Alex Webb this morning reported that the company is in preliminary talks to build a factory in Shanghai to produce more cars than it currently makes in the U.S., without citing any sources. Tesla’s Fremont, Calif., plant has so far this year made only 88,000 cars, notes Webb, but the plant in China would supposedly make as many as half a million per year. The story came as Chief Executive Elon Musk is in China for meetings this week.
Square’s (SQ) money transfer service Cash App has expanded a great deal since it launched, initially going by the name Square Cash. At the end of 2017, there were more than 7 million monthly active Cash App users. In a recent interview with Quartz, Square’s CFO Sarah Friar discussed the future shape of finance and went on to say that Square is effectively creating a bank account of the future with its Cash App.
The UK regulator has made a gutsy move by ruling that the legendary hedge fund manager is not “fit and proper”, refusing to allow the billionaire trader to reopen his fund to investors in Britain. Mr Cohen avoided the prospect of a lifetime ban over the insider trading scandal in 2016 but as part of his settlement with the Securities and Exchange Commission he was blocked from managing clients’ money for two years. In a snub to US authorities, Mr Cohen quickly set up a new vehicle, Stamford Harbor Capital, and registered the entity with the SEC.
US hedge fund manager Steven Cohen has been blocked by the UK regulator from reopening his multibillion-dollar fund to investors in Britain, after a two-year ban over insider trading at his previous firm expired at the start of this year. Mr Cohen recently returned to the US hedge fund business and had hoped to move back into Europe by managing outside money again in the UK. The FCA ruled that Mr Cohen was not “fit and proper” to do so, one person said.
Payments processor Square has withdrawn its application for a banking license, a report said Thursday. The San Francisco-based firm told the American Banker that it may refile its application to the Federal Deposit Insurance Corp.
Square, Inc. will release financial results for the second quarter of 2018 on August 1, 2018, after market close. Square will also host a conference call and earnings webcast at 2:00 p.m.
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Optimism about growth over the next several years has led to a new price target for Square (SQ) shares that’s one of Wall Street’s highest. “Business sounds good to us,” the analysts wrote. The analysts revisited their target in part due to the company’s $365 million April acquisition of website building company Weebly.
European financial services companies risk missing their biggest cyber security threat because they are turning a blind eye to the danger of breaches by their own staff. , which uses artificial intelligence to scan clients’ computer systems for suspicious activity. “The insider threat is one of the biggest risks for companies, but it is still extremely uncomfortable talking to European companies about this,” says Mr Palmer.
On June 25, Square (SQ) stock was downgraded by a Stephens analyst to “equal weight” from “overweight.” According to analyst Brett Huff, the stock is at an appropriate level following a significant upside trend over the past two years. Since separating from eBay (EBAY) in 2015, PayPal has been making efforts to offer a range of digital financial services through partnerships and acquisitions. Recently, the company announced its acquisition of Simility, a fraud prevention specialist.