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.
Related Link: PayPal Stock Takes Off Following Report Of Elliott's Stake Build: What Investors Need to Know
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
