In a surprise move, PayPal Holdings’ (NASDAQ: PYPL) outgoing CEO, Dan Schulman purchased shares worth around $2 million. Schulman purchased just more than 26,000 shares at a price of $76.16 per share, according to an SEC filing. The CEO has stated that he intends to retire from PayPal by the end of this year.
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This was a surprise move as most outgoing executives and corporate insiders look at reducing their company stock exposure.
In an emailed statement to MarketWatch, Schulman commented that the stock buy, “serves to drive home the idea that management believes it can execute its plan to expand earnings meaningfully this year despite modest top-line growth.”
Shares of the fintech company have had a rough year, tanking by more than 25% in the past year as competition has heated up. PYPL delivered better-than-expected results in Q4.
Overall, corporate insiders are positive about PYPL stock and have bought shares worth $2 million in the past three months.
