SQ Stock Price Today: Why Is Block Down Friday?

Block (NYSE:SQ) stock is on the move Friday despite a lack of news from the payment services company.

Square, Inc. changes name to Block (SQ stock). Smartphone with Square logo on screen in hand on background of Block logo.

Source: Sergei Elagin / Shutterstock.com

Block, which formerly went by the name Square, hasn’t released any press releases or filings with the U.S. Securities and Exchange Commission (SEC) that would explain today’s movement. There’s also no upcoming news that would be moving SQ stock. That means we have to consider outside factors.

First off, we have to note that SQ stock isn’t seeing as much trading as it normally does. As of this writing, not even 9 million shares of the company’s stock have changed hands. That’s incredibly light movement compared to its daily average trading volume of about 20.5 million shares.

SQ stock’s activity over the last month could also help explain today’s dip. The stock has been on an upward trend lately with shares rising nearly 8% over the last month. It could be that today’s drop is a pullback after that rise.

If that’s the case, it could mean we continue to see shares of SQ stock rise higher after today’s drop. That would make sense as the stock is still recovering from recent blows to the overall market. As of this writing, the stock is still down 21.5% since the start of the year. That means now might not be a bad time to pick up shares of SQ stock before more potential gains.

SQ stock is down 4.4% as of Friday afternoon.

Investors looking for more stock market news today will want to keep reading!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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