ARK Invest Stock Portfolio: Top 10 Stock Picks for 2024

5. Block, Inc. (NYSE:SQ)

Stake Value as of Q3 2024: $444,767,776

Block, Inc. (NYSE:SQ) is an American company that offers financial services to clients through its two segments: Square and Cash App.

The Square segment includes managed payment services, hardware, software solutions, and other financial services that help sellers start and run their businesses. The Cash App segment offers consumers financial tools via the mobile app, allowing them to make payments, invest in stocks and bitcoin, and more. The company was formerly known as Square, Inc., until 2021, when it decided to change the name to Block, Inc. (NYSE:SQ), reflecting its growing focus on crypto and blockchain technologies.

On November 7, the company held its third-quarter earnings call, announcing results that trailed Wall Street’s revenue expectations. Revenue for Q3 was posted at $5.98 billion, falling short of the expected $6.24 billion, signaling softening consumer demand. However, Block, Inc. (NYSE:SQ) narrowly beat profit expectations, logging an EPS of $0.88. This was one cent higher than estimates and was powered by company-wide expense discipline.

Shares have fallen 4% since these results, but analysts remain bullish on the stock and have a consensus BUY rating, with a median share price upside potential of 10.3%. They believe that a soft landing for the economy with Fed cuts is likely to boost consumer spending in the months ahead.

ARK Invest has the largest stake in the company, valued at over $444 million, as of September 30, 2024. The investment represents 4.06% of ARK’s portfolio, making Block, Inc. (NYSE:SQ) one of the top picks from the ARK Invest stock portfolio.