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Square's stock pops after Cohen reveals stake

Square payment in the NYSE
Yana Paskova | Bloomberg | Getty Images

Shares of payment technology company Square ticked higher after a well-known hedge fund manager reported a higher stake.

Steve Cohen now has a 5.4 percent passive stake in Square, according to SEC filings. At Thursday's closing price, the 6.6 million share stake is worth about $78 million.

Cohen's stake includes a 3.9 percent share held by Point72 Asset Management, the firm he founded.

Shares of Square rose about 2.5 percent after hours.

Point72 Asset Management saw returns bounce close to 16 percent last year, a period where most hedge funds saw a 1 percent fall. Still, Cohen's had some high-profile tussles with regulators, with mixed results.

Square, best known for a device for tablet-based credit card payments at small businesses, saw big stock gains earlier this month after it reported a narrower-than-expected quarterly loss, as payment volume increased, especially among larger sellers.

— CNBC's Alex Crippen contributed to this report.

Correction: This story was revised to clarify that Cohen's 5.4 percent passive stake in Square includes the 3.9 percent share held by Point72 Asset Management, the firm he founded.