Shares of financial technology company Square (NYSE: SQ) jumped on Friday. As of 11:24 a.m. EST, the stock was up 11.5% The stock's gain comes as an analyst shares optimistic commentary on Square's new chief financial officer.
In addition, the stock's gain follows a sharp decline in Square's stock price on Thursday, meaning some of Friday's gain could simply be a rebound from yesterday.
Square for Restaurants platform. Image source: Square.
On Thursday, Square announced it had hired Amrita Ahuja to become the company's CFO. Previously, Ahuja was the CFO of Blizzard Entertainment, a division of gaming company Activision Blizzard (NASDAQ: ATVI). Ahuja worked at Activision for more than eight years.
Morgan Stanley analyst James Faucette views Square's choice of a new CFO as positive news, noting that her experience will be a key asset for the company, according to TheFly.
Since Square stock had fallen 7% on Thursday, Friday's gain means shares are up just 1.5% when including Thursday's pullback.
"In Amrita, we have found an amazing, multidimensional business leader," said Square CEO Jack Dorsey in a press release on Thursday. "Amrita brings the ability to consider and balance opportunities across our entire business, and she will help strengthen our discipline as we invest, build, and scale. She is willing to challenge herself and others, has the courage to take principled risks, and is passionate about our customers and our purpose."
Ahuja replaces Sarah Friar, who left Square to take on a CEO role at Nextdoor (a social network for neighborhoods and communities).
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Daniel Sparks owns shares of Square. The Motley Fool owns shares of and recommends Activision Blizzard and Square. The Motley Fool has the following options: short January 2019 $80 calls on Square. The Motley Fool has a disclosure policy.