Shares of Block (NYSE: SQ) -- the fintech company formerly known as Square -- were up by a little more than 3.5% as of 3:18 p.m. ET Tuesday. That move extended a rebound that started to take shape on Monday, seemingly prompted by Block's growing interest in developing a Bitcoin (CRYPTO: BTC) mining chip. The actual prod for this newfound bullishness, however, may actually be bigger and more nuanced, as well as non-permanent.
There was a time not too long ago when Block could do no wrong in investors' eyes. Shares of the digital-payment middleman soared from under $40 in early 2020 to more than $270 by February 2021 as the world adapted to social distancing and more commerce shifted to digital platforms. However, the stock has drifted lower since then as competitors have materialized. While it was still above $260 as recently as October, on Monday, it touched a new 52-week low of $133.13.
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Source Fool.com