Home » Best Stocks To Buy Now: Paypal (NASDAQ: PYPL)
As part of its membership in TRUST, PayPal has joined the crypto industry’s standard group. The initiative, launched in February 2020, is intended to assist crypto service providers in achieving compliance with the Travel Rule and protecting customer privacy and security.
Financial service providers must exchange specific customer details when processing transactions over a certain amount. The shares of PayPal have gained 14% in the past month but are down 52% for the year.
Reason to avoid
Despite PYPL stock’s steep drop since it opened the year, Wall Street remains bullish on the stock. PayPal stock has a Moderate Buy consensus rating based on 23 Buys and eight Holds from TipRanks’ analysts. PYPL stock is expected to rise over 28 percent over the next year based on average stock forecasts of $120.08.
The stocks of PayPal are popular among Wall Street’s elite. A TipRanks tool that measures hedge fund trading activity shows very high confidence in PYPL at the moment.
Thirty-nine hedge funds held the stock last quarter, and their total holdings increased by 19.2 million. PYPL stock has gained $2 billion in value due to activist investor Elliott Management.
There is a Sell signal for PayPal Holdings based on PYPL’s 8-day simple moving average of 99.82, whereas its share price is 96.56. PYPL has a share price of 96.56, while PayPal Holdings has a 20-day simple moving average of 93.76, making it a Buy signal.