PayPal Stock Hits 6-Year Lows on Peer Warning

The equity is fresh off three consecutive weekly losses

Laura McCandless

Deputy Editor

Oct 25, 2023 at 10:58 AM

PYPL

PayPal Holdings Inc (NASDAQ:PYPL) is one of many U.S. payment stocks falling today, after France's Worldline issued a sales and margin warning, and cut its full-year forecasts. At last glance, PYPL was down 4.7% at $51.71, and trading at six-year lows.

Down 27.4% since the start of the year, the underperforming stock is fresh off three-straight weeks of losses. Over the last two weeks, short interest has fallen 25.7%. The share failed to capitalize on this short covering, however, pointing to underlying technical weakness.

Call traders appear to be buying in on the dip. So far today, 62,000 calls and 30,000 puts have been exchanged, which is double the options volume typically seen at this point. The weekly 10/27 53- and 54-strike calls are the most popular, with new positions being bought to open at both.

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