This story was originally published here.
Square (NYSE:SQ) is a company that has seen parts of its business challenged by the pandemic, while other parts thrived. Lockdowns closed many small businesses, impacting the company’s point-of-sale payment processing. Events like craft shows have been cancelled, cutting into the revenue generated by Square’s popular smartphone card readers.
At the same time, the reluctance to handle cash has driven up adoption and use of Square’s Cash app. The net result has been a big win for SQ shareholders, with Square stock up 254% so far in 2020.
SQ earns an “A” rating in Portfolio Grader. It’s in a strong position. But with Square stock posting that kind of growth in 2020, is it now overvalued?
I think there is more growth ahead for this innovative financial services company, and I suspect its Cash app is coming into its own to lead the charge.
Story continues here.
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