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Volumes on Paypal’s Buy Now, Pay Later Platform Jump 400% — Report
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Volumes on Paypal’s Buy Now, Pay Later Platform Jump 400% — Report

According to a report published by Reuters, Paypal Holdings, Inc.’s (PYPL) CEO Dan Schulman said that volumes on the company’s buy now, pay later platform increased five-fold year-over-year on Black Friday, which was on November 26, 2021.

California-based Paypal is a digital payments platform with operations in the majority of the countries. Its solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, iZettle and Hyperwallet.

The company’s shares closed 1.7% lower on Friday. They were trading 1.5% down, at the time of writing, in the pre-market trading session on Monday.

CEO Comments

“We saw a 400% year-on-year rise on our volumes going through ‘buy now, pay later’ this past Black Friday. It’s booming right now,” Schulman said.

“We had more than one million first-time users for the first time ever in the month of November. It’s not just popular but accelerating in popularity,” he added.

The company launched its ‘Buy in 4’ platform in August 2020.

Wall Street’s Take

Last month, Bernstein analyst Harshita Rawat downgraded the rating on the stock to Hold from Buy with a price target of $220 (19.6% upside potential).

In a note to investors, the analyst said, “It is an understatement to say that the payments landscape is rapidly evolving with many powerful trends emerging. While PayPal is actively investing and evolving, it simply has more turf to defend versus peers in our view.”

Overall, the stock has a Strong Buy consensus rating based on 25 Buys, 5 Holds and 1 Sell. The average Paypal Holdings price target of $276.07 implies 50.1% upside potential. Shares have lost 29.4% over the past six months.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Paypal’s performance.

According to the tool, compared to the previous year, the company’s website traffic registered a 3.5% decrease in global visits in October. However, the website traffic has increased 5.3% year-to-date against the same period last year.

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