Square Continues to Rise During Pandemic

Square has been one of the best performing fintech companies during the pandemic and their stock has risen to record highs; the stock rose 15 percent in the last week and has more than tripled since hitting a low on March 20; the company first saw a 55 percent drop with shelter in place orders taking hold which hurt the company since merchants needed to close their doors; other products like the Cash App have taken off with direct deposit volumes tripling from March to April and p2p payments, stock trading and more becoming more popular each day; “As Square develops, rolls out, and monetizes many services across the payments and financials ecosystems, it will lay the groundwork to make the company a need-to-own name for years to come,” Rosenblatt Securities wrote in an analyst note according to the Wall Street Journal. Wall Street Journal.