Following the weekend’s quick issuance of a divisive new policy, PayPal’s stock ( NASDAQ:PYPL ) fell this week.
Nevertheless, things appear to be improving for the stock.
What Happened to PayPal Stock
As of 3 p.m. ET, shares of the significant payments company PayPal (PYPL) were trading around 1.15 percent higher after a Wall Street analyst said that he believes the stock has been oversold.
With its stock ( NASDAQ:PYPL ) down more than 56% this year, PayPal has not been exempt from the harsh, rising interest-rate environment and the gloomy economic outlook that has decimated IT companies this year.
The platform recently came under fire when the firm updated its acceptable-use policy and threatened to punish users with up to $2,500 for distributing false material on the site.
PayPal quickly apologized and erased the offending material, but this week’s share price is down more than 9% due to the #DeletePayPal trending hashtag on Twitter.
According to Trevor Williams, an analyst at Jefferies, this response will pass quickly and most likely not affect the business. Williams said in a research report that, in contrast to PayPal’s 400 million users, just 70,000 Twitter users really used the hashtag over the weekend.
Williams...
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