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PayPal (NASDAQ: PYPL), one of the world's largest digital payment companies, was once a promising growth stock. It closed at an all-time high of $305.13 on July 23, 2021, marking a 651% gain from its opening price of $40.60 following its spin-off from eBay (NASDAQ: EBAY) on July 20, 2015. But today, it trades at about $52.
Should you buy, sell, or hold PayPal's stock after that 80% decline? Let's review its challenges, potential catalysts, and valuations to decide.
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PayPal's troubles started in 2018, when eBay announced it would gradually switch to Adyen (OTC: ADYEY) as its preferred payment provider by 2023. Its growth during the pandemic temporarily offset that pressure, but it lost its momentum as those tailwinds dissipated.