Why Shares of Block Are Rising Today
Shares of Block (NYSE: SQ) traded about 3.5% higher as of 11 a.m. ET today after several investment funds in new regulatory filings disclosed that they had raised their overall stake in the digital payments and financial services company. Coatue Management, a fund focused largely on the tech, media, and telecommunications sectors, disclosed in its recent 13F filing (which shows what stocks a fund bought and sold in any given quarter) that the company more than doubled its stake in Block in the first quarter of this year. Coatue upped its stake in the company from 2.72 million shares to 5.9 million at the end of the first quarter.
