Why Block Stock Fell on Wednesday
Shares of financial-technology (fintech) company Block (NYSE: SQ) fell on Wednesday, along with almost every other technology stock. But don't let today's overall market conditions deceive you: Block is down because it was downgraded by an analyst. As of 12:45 p.m ET, Block stock was down just 4%, but it had been down 7% earlier in the trading session.
Dominick Gabriele is an analyst with Oppenheimer. And according to The Fly, Gabriele believes Block stock is poised to only do as well as the market average, not better than average as he previously believed.
Gabriele has fundamental reasons to be less enthusiastic than other analysts. Specifically, the analyst believes Block's Square segment could struggle in the near future, and he also believes that downloads for Block's Cash App have slowed down.
Source Fool.com
