5 Most Volatile Stocks To Buy Now

4. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 60   

Beta Rating as of December 30: 2.57 

Block, Inc. (NYSE:SQ) creates tools that enable sellers to accept card payments and provides reporting and analytics, and next-day settlement. On December 12, investment advisory Mizuho maintained a Buy rating on Block, Inc. (NYSE:SQ) stock and raised the price target to $99 from $90. 

At the end of the third quarter of 2023, 60 hedge funds in the database of Insider Monkey held stakes worth $2.3 billion in Block, Inc. (NYSE:SQ), compared to 66 in the preceding quarter worth $3.7 billion. 

In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Block, Inc. (NYSE:SQ) was one of them. Here is what the fund said:

“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to a confluence of factors, including slowing growth, a brief system outage, and the departure of a key executive who ran the Square business segment. Ongoing investor concerns over consumer spending and a recession did not help sentiment. Nevertheless, Block reported strong quarterly results with 27% gross profit growth and adjusted EBITDA more than doubling. We believe Block’s businesses are resilient, and greater management focus on cost discipline should drive further margin expansion. We continue to own the stock due to Block’s long runway for growth, durable competitive advantages, and track record of innovation.”