Jim Langevin Is Buying This Crypto Related Stock Again

Representative Jim Langevin has again increased his exposure to Block (SQ:US) shares. The senior Congressman, who has represented Rhode Island's 2nd congressional district since 2001, disclosed last week that he invested between $50,000 - $100,000 in Block stock on November 01. 

According to a stock tracker, shares of the company closed at $59 on November 01, when Rep. Langevin made his investment. About 7 weeks later, Block, which is run by former Twitter CEO Jack Dorsey, is trading around 9.49% higher already.

Rep. Langevin, who is a member of the House committees for Armed Services and Homeland Security, previously sold SQ as he sold stock in October and August. Democrat Langevin had been accumulating a stake in the Cash App operator throughout 2022. 

Block shares are down by almost 60% in YTD, based on Friday’s closing price, as the tightening monetary policy and challenging macroeconomic conditions continue to weigh on the company’s fundamentals. These factors have also facilitated a sharp selloff in Bitcoin, the digital asset that is very important for Block’s business model.

Block stock jumped in early November after the fintech business reported third-quarter earnings that beat Wall Street expectations for profit and revenue. Block posted a $1.57 billion gross profit, up 38% year-over-year, and higher than the average analyst estimate. Investors were also happy to hear that Cash App saw its profit rise 51% YOY to $774 million. 

Block stock hit a 30-month low in October when it closed at around $51.34. Shares are down over 82% from their peak in August 2021. 

Block stock is a popular stock for trading by Congressman Langevin, in addition to Meta Platforms (META:US).