Shares of Square Inc (NYSE:SQ) are up big on a year-to-date basis, and that strong performance carried over into the month of August. Last month, shares shot up another 37.1 percent.
Motley Fool has some insight on the payment-processing company’s extraordinary performance.
Square Inc. (NYSE:SQ) stock climbed 37.1% in August, according to data provided by S&P Global Market Intelligence. The payment-processing company’s price actually trended down in the after-hours trading following its earnings release on Aug. 1, but this reversed in the next day of trading and shares went on to post huge gains in the month.
Adjusted earnings per share guidance for the third-quarter came in below the average analyst estimate, but second-quarter sales and earnings beats viewed through the lens of the business’s potential for ongoing growth pushed the stock to new heights. Shares also likely benefited from some favorable ratings coverage in the month.
Sales continue to accelerate for Square, as the company has reported give consecutive quarters of impressive growth. The company is also finding success as it continues to expand services and offerings, as customers continue to climb on board.
Looking ahead to Q3, the company has boosted sales targets from the previous range of $1.45 billion to $1.48 billion up to a range of $1.52 billion to $1.54 billion.
Square Inc shares rose $1.12 (+1.24%) in premarket trading Friday. Year-to-date, SQ has gained 160.22%, versus a 9.91% rise in the benchmark S&P 500 index during the same period.
Try StockNews.com Premium Today!
Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more!
Free for 14 days -- no credit card required!