The Block Inc (ASX: SQ2) share price is having a very strong start to the week.
In morning trade, the payments giant’s shares were up as much as 11% to $187.50.
This means that Block’s shares have now reached their highest level since listing on the Australian share market following the takeover of Afterpay.
It also means the Block share price is now up an incredible 61% since bottoming at $116.05 less than a month ago.
Why is the Block share price rising today?
Investors have been bidding the Block share price higher today following another strong night of trade for the company’s US listed shares on Friday night.
The company’s NYSE-listed shares rose 10% on Friday after investment sentiment in the tech sector continued to improve.
So much so, the tech-focused Nasdaq index rose a sizeable 2.05% on Friday night, which was more than double the gain recorded by the Dow Jones Industrial Average.
Can its shares keep rising?
The good news is that one leading broker still sees value in the Block share price.
Earlier this month, analysts at Macquarie commenced coverage on the company’s shares with an outperform rating and $230.00 price target.
This suggests that there is still potential upside of 22% for Block’s shares over the next 12 months despite its recent recovery.
The post Block (ASX:SQ2) share price jumps 11% to new ASX high appeared first on The Motley Fool Australia.
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More reading
- Guess which ASX tech shares are leading the pack today?
- ASX 200 (ASX:XJO) midday update: Block and Zip shoot higher, Ampol’s acquisition boost
- The Block (ASX:SQ2) share price is soaring 11% today. Here’s why
- Why Arafura, Block, Magellan, and Qantas shares are storming higher
- Why Block, Breville, Megaport, and Webjet shares are falling today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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