Cathie Wooden explains why she’s been loading up on this crypto inventory

• Cathie Wooden explains why she’s been shopping for Block shares.
• Barclays sees upside within the crypto inventory to $103 a share.
• Block inventory is at the moment down 70% versus its file excessive.

Block Inc (NYSE: SQ) has been in an uptrend since March 13^th as famed investor Cathie Wooden continued to load up on shares of the monetary know-how firm.

Wooden’s bull case for the Block inventory

On Friday, Wooden spent round $4.3 million on to purchase just below 59,000 shares of the multinational cut up between two of her exchange-traded funds – the flagship ARKK and ARKW.

The acquisition got here on prime of about $29 million value of Block shares she purchased earlier in the identical week. Explaining why this morning on CNBC, Wooden stated:

We’re seeing two issues with Block Inc. It’s decreasing the price of monetary companies and so extra individuals are flocking to it. And it’s creating a closed-loop ecosystem.

Versus its file excessive in August 2021, Block inventory is down greater than 70% at writing.

Barclays sees upside in Block shares to $103

Final month, Block reported per-share earnings for its fiscal fourth quarter that got here in shy of Road estimates. Nonetheless, Wooden stated at the moment on “Squawk on the Road”:

[Closed-loop ecosystem] may very well be one of many huge winners in digital pockets area the place purchasers gained’t need to work together with banks. Money App and Sq. will maintain that.

Her bullish view is consistent with Barclays that reiterated its “chubby” score on the Block inventory only a day earlier citing long-term market share positive aspects.

Analyst Ramsey El-Assal sees upside in Block shares to $103 – up greater than 30% from right here.