5 Best ARK Stocks To Buy Now

3. Block, Inc. (NYSE:SQ)

Number of Q4 2023 Hedge Fund Shareholders: 75

Ark Invest’s Q1 2024 Investment Stake: $850.39 million

Block Inc. (NYSE:SQ), formerly Square Inc., is an American company founded in 2009 by Jack Dorsey and Jim McKelvey. It operates within various sectors of the financial technology industry and has a significant presence with nearly 4 million merchants and 51 million users as of 2023, indicating strong network growth.

On March 11, Jefferies analyst Trevor Williams increased the price target for Block, Inc. (NYSE:SQ) shares from $90 to $100 while maintaining a ‘Buy’ rating. This adjusted target suggests a potential upside of 17.69% based on the latest share price.

According to Insider Monkey’s survey of 933 hedge funds in the fourth quarter of 2023, 75 investors held stakes in Block, Inc. (NYSE:SQ). The largest investor was Catherine D. Wood’s ARK Investment Management, with a stake valued at $919 million.