Shares of the digital payment company Square continue their rallying trend today, up just over 6% to $120.39 before the closing bell.
This moves Square’s market cap up to $55 billion, which puts the company in the big leagues with some of the larger U.S. banks. It’s surpassed Truist Financial Corp. (the new name for the recently merged Sun Trust and BB&T banks) and is just $20 billion behind Goldman Sachs, according to Bloomberg.
The same report chalked up the recent record-breaking share prices to growing optimism around the “growth of digital payments” as the coronavirus pandemic “changes consumer and corporate spending behavior.”
Square’s stock price reached a record high of $128.36 earlier on Monday.
“People without access to the banking system signed on to quickly receive federal aid rather than waiting for checks in the mail,” Barron’s reported. “[Square’s] utility in channeling donations for people who have lost work due to the virus has brought in users as well.”