Block Stock ( NYSE:SQ )
Investors in Block, Inc. ( NYSE:SQ ) have had a lot to be happy about since October 2022. Since the market bottomed out in October, Block has outperformed the S&P 500 by a wide margin. As a result, Block stock has increased by about 60% since its October lows.
Despite the dread and gloom surrounding high-growth FinTech businesses like Block, it was a good decision to disregard the panic in October and December.
Notably, Block has reclaimed the November highs and now seems to be edging closer to its August highs. It’s appropriate to inform investors about whether buying is appropriate if they missed those pessimistic lows, which gave an exceptional reward/risk ratio.
More Competition in the FinTech Space This Year
Despite last year’s washout, the FinTech market will likely become more competitive in 2023. For instance, Wells Fargo ( NYSE:WFC ), Bank of America ( NYSE:BAC ), and JPMorgan ( NYSE:JPM ) are “working on a digital wallet for online shopping. The wallet will be linked to clients’ debit and credit cards,” according to a statement from the key banking institutions backing Zelle.
Given their lucrative business models, the banks are taking advantage of the FinTech downturn in 2022 to expand their market share and direct their efforts to disrupt the disruptors to alter consumer spending habits. As a result, WSJ emphasized that: ...
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