Financial services and digital payments company Block, Inc. (NYSE: SQ) is slated to report its second-quarter results on August 4. The TipRanks website traffic tool indicates that the company will deliver upbeat second-quarter results.
Block’s Website Traffic Trends Are Impressive
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Block’s performance this quarter.
According to the tool, the number of visits to squareup.com was up 20.43% quarter-over-quarter.
Meanwhile, the Block website recorded a 76.99% monthly rise in global visits in June, compared to the same period last year. Also, year-to-date, Block website traffic increased by 41.32%, compared to the previous year.
Consequently, the company’s rising website traffic is hinting toward a positive outcome in the second quarter results.
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What is Driving Traffic Towards Block?
Block’s Cash App has been popular among the masses and has contributed heavily to its encouraging website trends. The app provides banking, peer-to-peer money transfer, and bitcoin trading services.
According to Citi Research analyst Peter Christiansen, investors remain upbeat about the healthy trends in Block’s Cash app. Christiansen reiterated a Buy rating on the stock. The analyst, however, lowered the price target to $135 from $185, which implies an upside potential of 53.3% from current levels.
However, RBC Capital analyst Daniel Perlin remarks that Block’s Cash App can face pressure from the prevalent economic headwinds as the app’s major users are less affluent. Perlin reiterated a Buy rating on the stock. The analyst, however, lowered the price target to $91 from 147, which implies an upside potential of 3.33% from current levels.
What Are Analysts Saying About Block’s Q2 Results?
Despite the website traffic growth, analysts are not so optimistic about the company’s impending second-quarter results.
Analysts expect Block to report earnings per share (EPS) of $0.16 in the second quarter. This represents a decline of 75.8% from the year-ago quarter. In terms of quarterly revenues, analysts expect revenues to be about $4.33 billion, which represents a fall of 7.5% from the previous year.
Overall, the consensus among analysts for Block stock is a Strong Buy based on 29 Buys, seven Holds, and one Sell. The SQ average price target of $120.97 implies an upside potential of 37.4% from current levels. Shares have declined 66.9% over the past year.
Final Thoughts
Block’s upward website traffic trends are an indicator of the popularity of the company’s products and offerings, especially the Cash App. Consequently, the company’s heightened online activity on its platform indicates that it is going to perform well in the second quarter.
However, an impending recession can hurt consumer sentiments and dent the prospects of the company.
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from Digital Marketing – My Blog https://www.techyrack.com/syndication/2022/08/04/block-website-traffic-indicates-solid-q2-results-tipranks/
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