In the third quarter, Connor Clark & Lunn Investment Management Ltd. significantly increased its holdings in Block, Inc. (NYSE:SQ), acquiring an additional 751,748 shares, marking a surge of 179.6%. According to the firm's latest filing with the Securities & Exchange Commission, they now own a total of 1,170,359 shares, equivalent to 0.19% of Block's overall value, which stands at $51.8 million as per the filing.
During the same period, various hedge funds also made noteworthy adjustments to their stakes in Block. Strategic Investment Solutions Inc. IL entered the scene with a new position worth $31,000, while McClarren Financial Advisors Inc. saw a remarkable 1,571.4% increase in their Block holdings, now owning 585 shares valued at $38,000. Industrial Alliance Investment Management Inc. and Hexagon Capital Partners LLC also initiated new positions, contributing to the dynamic landscape of Block's ownership among institutional investors and hedge funds, which currently stands at 61.17%.
Block's stock experienced a significant uptick of $3.49 during midday trading on Thursday, reaching $67.96. This surge was amidst a trading volume of 21,379,984 shares, surpassing its average volume of 10,300,723. With a market capitalization of $41.73 billion, Block exhibits a P/E ratio of -137.17 and a beta of 2.53. The company's debt-to-equity ratio stands at 0.23, coupled with robust current and quick ratios of 1.91, reflecting a healthy financial position.
In recent news, Block's CFO, Amrita Ahuja, conducted a significant sell-off of company shares, parting with 3,787 shares on December 20th, valued at an average price of $77.81, totaling $294,666.47. This transaction brought Ahuja's direct ownership to 212,297 shares, valued at $16,518,829.57. Additionally, CAO Ajmere Dale sold 1,525 shares on January 2nd, at an average price of $74.32, amounting to $113,338.00. These insider transactions, along with others over the last three months, totaling 26,663 shares, underscore the active engagement of corporate insiders, who now collectively own 10.79% of the company's stock.
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