Square (NASDAQ: SQ) traded 13% lower on Thursday morning, after its Chief Financial Officer announced that she would step down from her position.
Sarah Friar made public after the markets closed on Wednesday that she would resign as CFO of the fintech company. Friar also announced that she was doing so in order to become the CEO of the social network, Nextdoor.
Square’s stock (SQ) had already fallen by 10% on Wednesday, as the broader technology sector was hit by a surge lower.
Square CEO Jack Dorsey explained that, “Sarah leaves us having established a culture of entrepreneurship and discipline across the entire company. She has been an amazing leader, partner, and friend, and we are grateful for all she’s done for Square.”
In analyzing the market cycles for SQ, we can see that the stock has begun the declining phase of its current cycle. We expect the downside to continue to the end of this cycle in December.
Our target is around $64, which is where it began the cycle.
Square (SQ) Stock Chart with Weekly Bars
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