On April 27, a block of put options worth $13,585,000 in Block Inc. (SQ) was purchased for a strike price of $110/share and an expiration date of January 19, 2024. Fintel, a provider of financial data on institutional trading activity, reported that the premium spent on this investment was 3.37 sigmas above the mean, marking it as one of the top 99.99th percentile of all recent large trades made in SQ options. This unusual trade was first noticed by Fintel’s real-time Options Flow tool, which identifies atypical option trades.

There are currently 1,608 funds or institutions reporting their positions in SQ, a 1.39% increase from last quarter. The total shares owned by these entities rose by 6.75% to 434,582K shares. The put/call ratio of 0.78 suggests a bullish sentiment by investors. The average one-year price target for Block Inc.- according to analysts is $95.20, a 57.18% increase from its current price of $60.57. From the same report, SQ’s projected annual revenue is $20,826MM, an increase of 18.79% and an expected annual non-GAAP EPS of $1.72.

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