Can PayPal stock continue its near 100% run higher?
Shares in payment processing company PayPal are in focus after a huge third-quarter earnings and profit beat, with income more than doubling on 25% higher revenue. The company benefitted from a surge in online activity and payments during the coronavirus lockdown and pandemic.
- Revenue of $5.46 billion.
- Earnings of 86 cents per share compared to 39 cents per share the same time last year.
- Payment volume up 38% at $247 billion.
- 15.2 million net new accounts added bringing the total to 361 million.
PayPal has also received a huge boost from large pension fund managers. Dutch-company PGGM, one of the world's largest public pensions, doubled its stake in the company to around 355,000 shares. The state of Michigan pension fund manager also bought an additional 106,5000 shares in PayPal increasing its stake to 484,420 shares.
The company also announced that it is launching a service which enables customers to buy, hold and sell cryptocurrencies from their PayPal accounts. It also plans to help cryptocurrency be used as a funding source for purchases from its more than 26 million merchants around the world.
In September, PayPal's share price was up nearly 100% for the year. However, the stock is now down around 10% from its all-time high of around $217. Did you know that you can speculate on the direction of PayPal's share price using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!
How to trade PayPal shares with Admiral Markets UK Ltd
If you are feeling bullish or bearish on the price of PayPal's share price you can speculate on its price direction using CFDs. To get started, follow these five simple steps:
- Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
- Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
- Type in PayPal, or another instrument, at the bottom of the Market Watch search box and then drag the symbol onto the chart.
- Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
- Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.
Source: Admiral Markets MetaTrader 5 Web, #PYPL, Weekly - Data range: Jul 5, 2015, to Nov 3, 2020, performed on Nov 3, 2020, at 6:53 am BST. Please note: Past performance is not a reliable indicator of future results.
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