In a broader market downturn on Wednesday, shares of PayPal Holdings Inc (NASDAQ:). experienced a significant drop, breaking its recent two-day positive streak. The company’s stock price fell to $55.80, marking a 2.38% decrease and pushing it notably away from its annual peak of $92.62. This price drop is in line with InvestingPro’s data, which shows a 1-month price total return of -10.27%, and a 3-month price total return of -24.82%.
This downturn in PayPal’s performance was more pronounced than that of industry counterparts Apple Inc (NASDAQ:)., Alphabet (NASDAQ:) Inc. Cl A, and Cl C, which registered lesser losses of 0.74%, 1.21%, and 1.26% respectively on the same day.
Further highlighting PayPal’s underperformance was the trading volume of 10.4 million shares, which was significantly below its typical average. This suggests that investor interest in the company may be waning amidst the wider market downturn. According to InvestingPro, the average daily volume over the past three months has been 15.03 million shares.
The abrupt end to PayPal’s positive streak comes as a stark contrast to the recent days when the company’s stocks were performing well, drawing closer to their annual peak. However, this week has seen a reversal in fortunes for the digital payments giant, with its stocks now substantially off their annual high.
Interestingly, despite the recent downturn, InvestingPro Tips highlight that PayPal’s management has been aggressively buying back shares and the company is expected to see net income growth this year. This could signal a belief in the company’s potential for recovery and growth.
As the market continues to exhibit volatility, it remains to be seen how PayPal’s performance will evolve in the coming days and whether it can regain the momentum it had earlier in the year. The company’s next earnings date is scheduled for November 1, 2023, which could provide further insights into its performance and future outlook. For more insights like these, consider exploring the , which offers a wealth of additional tips and real-time metrics.
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