Ark Invest Stock Portfolio: 5 Biggest Positions

4. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 75   

Block, Inc. (NYSE:SQ) creates tools that enable sellers to accept card payments and provide reporting and analytics and next-day settlement. ARK Investment Management has 9 million shares worth $565.8 billion in Block, Inc. (NYSE:SQ) which makes up about 4.9 % of its total investment. 

On December 12, Mizuho analyst Dan Dolev maintained a Neutral rating on Block, Inc. (NYSE:SQ) stock and raised the price target to $70 from $69, noting that a member of the company’s FinTech & Payments team provided its 2023 outlook for the group’s subsectors against a background of increasing rates.

Among the hedge funds being tracked by Insider Monkey, St. Petersburg, Florida-based investment firm ARK Investment Management is a leading shareholder in Block, Inc. (NYSE:SQ) with 9.2 million shares worth more than $505.5 million. 

In its Q2 2022 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 mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While the integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”