Philippe Laffont’s Top 5 Stock Picks

4. SQ Block, Inc. (NYSE:SQ)

Coatue Management’s stake value: $800 million

Percentage of portfolio: 5.85%

Number of hedge fund holders: 85

Coatue Management increased its stake in SQ Block, Inc. (NYSE:SQ) by 118% in the March quarter to $800 million worth of shares in the company. SQ shares have fallen by more than 65% so far in 2022 due to the tech market selloff and volatility in the crypto markets.

Market analysts believe that the pressure on the company’s financial and share price performance is primarily due to transitional factors. For instance, Truist analyst Andrew Jeffrey has a ‘Buy’ rating on the stock. The firm said, “We believe the seamless integration of the Square and Cash App ecosystems, catalyzed by BNPL (Buy Now Pay Later), will position Block (SQ) for accelerating C23/C24 and beyond gross profit dollar growth”.

As of the end of the March quarter, Block was in 85 hedge funds’ portfolios compared to 95 positions in the previous quarter.