Square Cash App in first place.
Square jumps 3.5% to fresh record high $74.90 after Nomura says their tracker of payments-Apps indicates cumulative Square Cash App downloads surpassed PayPal’s Venmo for first time. Cash App downloads of 33.5 million, with 2.2 million in July marking highest monthly addition on record, are growing 3x faster than Venmo.
Analyst Dan Dolev, who rates SQ “buy”, bumps his PT by $4 to a Street-high $86. He garners 5 out of 5 stars for both estimate accuracy and recommendation performance on Square.
SQ shares have roughly tripled over the past year.
The above news article was heavily edited and shortened by me.
Saul
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One would expect the new app to eventually surpass the older app that ‘everyone’ has in monthly downloads.
Long SQ,
One would expect the new app to eventually surpass the older app that ‘everyone’ has in monthly downloads.
Hi Najdorf, perhaps you missed the bolded word?
cumulative Square Cash App downloads surpassed PayPal’s Venmo
Saul
8 Likes
You’re right! I did miss it even though you bolded it for me.
thanks,
Naj
1 Like
Amazing progress!
I wasn’t really worried about Venmo from Square’s point of view as a merchant platform but had always considered Venmo monetisation a strong part of the PayPal investment thesis. Now I would be worried if I was a Paypal holder as Square is threatening the consumer side of PayPal. I see this as added layers of icing on the cake of Square but potentially impactful on PayPal. (The converse of PayPal’s merchant iZettle move).
A
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