Digital payments company Square, Inc. (SQ) recently announced the launch of Square Register in Canada. The launch of this new product is aimed at allowing Canadian sellers to carry out transactions in a seamless and cashless manner.
Following the news, shares of the company plummeted 4.2% on Wednesday. It pared its losses slightly in extended trade to close at $255.
With more and more Canadians preferring cashless transactions due to the prevailing environment, Square Register offers Canadian sellers a cashless way to operate their businesses from a COVID-safe distance.
Square Register enables integrated, omnichannel transactions and works effectively with Square’s gamut of business tools, ensuring smooth operations. Square Register allows sellers to manage their in-person and online business from one place ranging from inventory and point-of-sale to employee management and deliveries, enabling businesses to grow as they open new locations and integrate new revenue streams.
The General Manager of Hardware at Square, Thomas Templeton, said, “In addition to its easy-to-use and sophisticated design, Square Register — designed in part by Square’s hardware engineers in Toronto — is the first fully integrated, all-in-one point-of-sale in Canada that offers dedicated seller and buyer-facing screens that can be set up as far as two metres apart, for a safer buying experience.” (See Square stock chart on TipRanks)
Recently, J.P. Morgan analyst Tien Tsin Huang reiterated a Buy rating on the stock. The analyst, however, raised the price target from $300 to $320, which implies upside potential of 25.6% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 18 Buys, 4 Holds and 1 Sell. The average Square price target of $313.15 implies that the stock has upside potential of 22.9% from current levels.
Square scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 76.6% over the past year.