Square (SQ): Profit-Taking

An incredibly high-quality problem, but a weird one – this is the third week when I’ve had to take profits in Square (SQ) as it continues to make new all-time high after new all-time high. An analyst from SunTrust made a new “street-high” price target of $150 for Square, causing the stock to skyrocket once more… almost as if the stock was going to make a try for $150 in a single week!

Almost immediately on Monday morning, Square popped through my $121.66 and beyond before pegging a new all-time high at $128.35, before pulling back a whopping $10 to end the day at $118. On Tuesday, Square retested its all-time high, triggering my next sell order at $128.30. 

On Wednesday, Square broke through and triggered another sell order to drop some shares and reduce my allocation with the order filling at $130.40, giving me an average selling price of $126.79.

Even with all of this week’s selling, Square remains the portfolio’s largest position… which is nuts given I bought this stock near $11.00 less than four years ago. What a lightning bolt!

The sales represent a +9.83% pop over my most recent sale just last Thursday at $115.44. The sales lock in +98.05% in gains on shares I bought back on March 9 for $64.02. My next sell target is $138.00, and my next buy target is $61.90.

SQ closed the week at $128.05, up +0.99% from my average selling price.