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Should You Sell PayPal Holdings (PYPL)?

Soumya Eswaran
·2-min read

Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The US stock market started 2024 optimistically. In the first quarter, the fund returned 8.29% (gross) and 8.09% (net) compared to 11.41% for the Russell 1000 Growth Index and 10.56% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen Focus Growth Strategy featured stocks like PayPal Holdings, Inc. (NASDAQ:PYPL) in the first quarter 2024 investor letter. Headquartered in San Jose, California, PayPal Holdings, Inc. (NASDAQ:PYPL) is a technology platform that enables digital payment. On April 18, 2024, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $62.10 per share. One-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was -4.15%, and its shares lost 16.30% of their value over the last 52 weeks. PayPal Holdings, Inc. (NASDAQ:PYPL) has a market capitalization of $65.474 billion.

Polen Focus Growth Strategy stated the following regarding PayPal Holdings, Inc. (NASDAQ:PYPL) in its first quarter 2024 investor letter:

"We eliminated our PayPal Holdings, Inc. (NASDAQ:PYPL) position after a frustrating holding period. PayPal is the largest digital wallet company in the world, with 400 million users and 35 million merchants, but it has been losing market share over the last 18 months as management has been very slow to innovate and bring a true one-touch checkout experience to its customers. Friction in the checkout experience can be annoying to buyers and financially problematic for merchants, leaving lost sales on the table. Apple Pay (and others) has been winning market share from PayPal as it is a true one-touch checkout experience and is highly integrated into iPhones. We believed that PayPal had finally upgraded its technology last summer and should have been able to deploy it to their merchant customers quickly."

A consumer in a cafe paying for goods using a mobile payment app.

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PayPal Holdings, Inc. (NASDAQ:PYPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, PayPal Holdings, Inc. (NASDAQ:PYPL) was held by 87 hedge fund portfolios, compared to 78 in the previous quarter, according to our database.

We previously discussed PayPal Holdings, Inc. (NASDAQ:PYPL) in another article, where we shared Wedgewood Partners' views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.