PayPal Holdings Inc PYPL shares are trading higher Wednesday following reports suggesting Paul Singer's Elliott Management Corp has taken a stake in the company.
According to a Wall Street Journal report, citing people familiar with the matter, the activist investor has taken a stake in PayPal, although the size of the stake and the intentions behind the investment are unknown.
Elliott had more than $50 billion under management at the end of 2021 and is known as one of the most prolific activists, according to the report.
Berenberg analyst Tammy Qlu maintained PayPal with a Buy rating on Tuesday and lowered the price target from $190 to $145.
PayPal is set to announce its second-quarter financial results after the market close on Aug. 2.
PYPL Price Action: PayPal has a 52-week high of $196.09 and a 52-week low of $67.58.
The stock was up 8.05% at $83.25 at press time, according to data from Benzinga Pro.
Photo: courtesy of PayPal.
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