Oversold shares of PayPal Holdings (PYPL) are on the move.
After catching double bottom support, the stock is just starting to push higher. Helping, CEO Daniel Schulman just doubled down on his PYPL. In fact, according to a US SEC filing, the CEO bought 26,065 shares of PYPL at $76.16 a share for about $395,351 on Feb. 17, 2023.
The buy “serves to drive home the idea that management believes it can execute its plan to expand earnings meaningfully this year despite modest top-line growth,” Silverman told MarketWatch, which added, “While Schulman intends to step down from his role of CEO at year-end or at a time convenient to the company’s search process, he plans to continue serving on PayPal’s board of directors.”
Even better, there’s no shortage of growth. In 2022, the company processed $1.36 trillion in total payment volume, as compared to $936 billion in 2020. Also, heading into 2024, the company believes e-commerce growth will return to double-digit growth. That is if inflation cools off more, and discretionary spending rises.
Analysts are bullish on PYPL, too. Wells Fargo just raised its price target to $97 from $95. Oppenheimer raised its target to $90 from $85. JP Morgan raised its target to $103 from $95. Oversold, PYPL looks like a stock to just buy and forget about for a few years.