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After closing in the red for three consecutive years, the law of averages finally caught up with PayPal (PYPL) this year and the stock is up 48% year-to-date. The payment giant’s stock is outperforming the S&P 500 Index ($SPX), which is a welcome break given its dismal price action over the preceding three years.
PayPal shares peaked above $300 in mid-2021 and then went downhill. Most notably, the stock closed in the red in 2023 despite a broad-based rally in in the stock market.