Can Square Keep Going After Last Week's 11% Pop?

A new app feature is sending shares of Square (NYSE: SQ) to all-time highs. The high-tech transactions enabler soared 10.6% last week after giving users the ability to buy and sell bitcoin within the Square Cash app. The stock's been on fire this year -- more than tripling -- with a 258% gain so far in 2017.

Square began testing bitcoin transactions with a small set of users earlier this month, and the move has helped boost the prices for both Square stock and likely bitcoin itself. The news actually broke two weeks ago, but last week got off to a strong start when Credit Suisse analyst Paul Condra bumped his price target from $31 to $37 on Monday, singling out the potential of the head-turning cryptocurrency initiative.

Square stock has now hit an all-time high in 11 consecutive trading days, but no streak lasts forever. Shares are kicking off this week on a down note, as BTIG analyst Mark Palmer is downgrading the stock on fears that the cryptocurrency-fueled pop is making the stock overvalued in the near term.

Source: Fool.com