/Block%20Inc_%20(SQ)%20Image%20by%20Sergei%20Elagin%20via%20Shutterstock.jpg)
Block Inc. (XYZ) stock shows unusual out-of-the-money (OTM) put option volume today. That is a bullish sign as institutional investors are willing to buy shares at the lower strike price. Given Block's strong free cash flow (FCF), XYZ stock looks undervalued here.
XYZ is at $64.91 today, well off its mid-January peak prices in the low $90s.