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Buy Surging Square (SQ) Stock Ahead of Q4 2019 Earnings?
Shares of Square (SQ - Free Report) have surged 35% in 2020 to crush its industry’s 18% climb. The fintech stock now rests right near its 52-weeks highs, heading into the release of its fourth quarter fiscal 2019 financial results, due out after the closing bell on Wednesday, February 26.
Square began selling its tiny smartphone and tablet-connected credit card readers in 2009. Since then, the fintech company has expanded its hardware and software offerings to attract businesses large and small.
Square’s portfolio now includes business loans, debit cards, and more. Plus, its popular peer-to-peer payment platform, the Cash App, helps it compete against JPMorgan Chase (JPM - Free Report) , PayPal (PYPL - Free Report) , and others.
Despite the Cash App’s success and Square’s growing gross payment volume, Wall Street wants to see larger profits. CEO Jack Dorsey and his company—who also runs Twitter —responded by selling its food-delivery platform and UberEats competitor (UBER - Free Report) , Caviar, to DoorDash for $410 million in late October.
The company once again easily topped our bottom-line estimates last quarter. Looking ahead, our Zacks estimates call for SQ’s adjusted EPS to soar 43% to reach $0.20 a share, on 27% higher sales at that would see it hit $1.19 billion.
Square is currently a Zacks Rank #3 (Hold) that earns an “A” Grade for Growth in our Styles Scores system. The fintech firm’s growth does appear to be slowing and its valuation remains sky-high.
With that said, Square is still diversifying its business within an expanding financial tech space that is poised to boom. And SQ shares hover 15% below their Fall 2018 highs, despite the recent run.
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