shares are up 1.8% in Wednesday morning trading after Instinet analyst Dan Dolev wrote a note to clients highlighting the growth of the Squash Cash app. Dolev said that Square Cash downloads are growing faster than Venmo downloads. Venmo is owned by PayPal Holdings Inc.
Dolev estimates that Squash Cash is approaching Vemmo in terms of cumulative app downloads, citing Sensor Tower data and his own research. He wrote that Square Cash app downloads began accelerating prior to the launch of bitcoin
trading on the app. Square monetizes the Cash app in a number of ways, including through bitcoin trading, charging for instant access to deposits, and an associated debit card. Dolev rates Square’s stock at buy with a $65 price target, the highest on Wall Street. Shares are up 173% over the past 12 months, while the S&P 500
is up 13%.