In September 2020, Cathie Wood's Ark Invest estimated that fintech company Block (NYSE: SQ) would reach $375 per share by 2025. That implied 150% upside at the time, but Block stock has since declined by more than 50%. The target now implies 505% upside from the current price of $62 per share.

That drawdown notwithstanding, Wood and her team seem just as bullish today as they were back then. Block is currently the fourth-largest position in Ark's portfolio, accounting for 5.4% of invested assets. In September 2020, Block was the fifth-largest position in Ark's portfolio, accounting for 5.6% of invested assets.

Is Block the turnaround story Ark believes it to be?

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Source Fool.com