PayPal’s (NASDAQ: PYPL) stock has witnessed a sharp downturn over recent weeks, with the trend showing no signs of abating.
Though the company sparked optimism with the announcement of Alex Chriss, previously of Intuit, as the new CEO, market sentiment quickly reversed.
On August 17, PayPal’s stock value plummeted, hitting a level not recorded in the past six years, which raises questions about the financial titan’s trajectory.
Data from Barchart reveals that the stock ended 1.8% lower on Thursday, settling at $58.60, a price reminiscent of August 11, 2017. Over the span of a week, the stock decreased by 6.4%, and it’s down over 20% for the month, shedding nearly $20 billion of its market capitalization.
This downturn mirrors the general market sentiment, with the S&P 500 Index (SPX) dipping to 4,370.36 and the Dow Jones Industrial Average (DJIA) falling 0.84% to 34,474.83.