Block and SoFi Technologies could rally after periods of technical weakness on the charts
There’s been a lot of movement in the fintech sector lately. With under a quarter to go in 2024, which stock have fared the best, and is set up for a strong finish to the calendar year?
PayPal Holdings Inc (NASDAQ:PYPL) stock is down 3.4% to trade at $78.81, after Bernstein downgraded the payment processor to “market-perform” from “outperform.” While also hiking its price target to $80 from $75, the analyst in coverage cited Big Tech competitive pressures as a headwind. Just yesterday, PYPL hit an annual high of $82, and is still up 28.3% year-to-date. Should support hold around the shares’ 20-day moving average, a bullish flag pattern could be forming on the charts.
Fellow payment processor stock Block Inc (NYSE:SQ) is up 3.2% to trade at $70.46, perhaps boosted by PayPal’s struggles today. The shares are trading at their highest level since July, and are poised to close above their 200-day moving average today. SQ is still down 9% in 2024 though, and 20% off its March 13 annual high of $87.52.
Consumer lending stock SoFi Technologies Inc (NASDAQ:SOFI) is more flat today, up 0.5% to trade at $8.65. The shares are heading for their highest close since March 5 bear gap. SOFI has bounced from its Aug. 5 bottom at $6, but is still 13% lower in 2024.