Why Is Square's Stock Trading Higher Today?

Square SQ shares are trading higher after KeyBanc maintained an Overweight rating on the stock and raised its price target from $275 to $300.

KeyBanc analyst Josh Beck attributes price target raise to, "Swelling consumer interest in investing and crypto is likely to be a tailwind to users, engagement and ARPU."

Square provides payment acquiring services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network.

Square's stock was trading 2.6% higher at $237.23 per share on Wednesday at the time of publication. The company has a 52-week high of $283.19 and a 52-week low of $67.12.