Billionaire Steve Cohen‘s Point72 Asset Management recently filed a Form 13G with the Securities and Exchange Commission, in which it reported the acquisition of 5.84 million Class A common shares of Square Inc. (NYSE:SQ). As a result of the acquisition, the fund now holds 6.66 million Class A shares of the company, which amass 5.4% of its outstanding stock.
Square is a company that provides professional financial and marketing services, as well as payment processing. Since the beginning of the year, the company’s stock has lost 8.63%. For the second quarter of 2016, the company reported a loss per share of $0.08 and total net revenue of $438.53 million, compared to a loss per share of $0.20 and revenue of $310.01 million for the same quarter a year earlier. Recently, Piper Jaffray Cos. reiterated its ‘Neutral’ rating on Square’s stock and raised its price target on it to $11.50 from $10.00, while RBC Capital Markets reiterated its ‘Buy’ rating, Goldman Sachs Group Inc. reiterated its ‘Buy’ rating, with a price target of $15.00, and Wedbush lowered its price target to $8.00 from $10.00 and has a ‘Neutral’ rating on it.
Aside from Point72 Asset Management, many other hedge funds that we track were bullish on Square (NYSE:SQ) at the end of June, including Dmitry Balyasny’s Balyasny Asset Management, which held a position worth $19.43 million, Chase Coleman’s Tiger Global Management, with a $10.7 million position, and John Overdeck and David Siegel’s Two Sigma Advisors. Some of the investors that dumped Square (NYSE:SQ) during the quarter were Edmond M. Safra’s EMS Capital, which sold off its position valued at $7.64 million at the end of March, and Tim David’s Guardian Point Capital, which said goodbye to $764,000 worth of Square shares.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Cubist Systematic Strategies||0||40,680||0||40,680||40,680||Less than 0.1%|
|EverPoint Asset Management||0||1,765,000||0||1,765,000||1,765,000||1.4%|
|Steven A. Cohen||0||6,655,080||0||6,655,080||6,655,080||5.4%|
Page 1 of 11 – SEC Filing
(Amendment No. )*
Class A Common Stock, Par Value $0.0000001 Per Share