PayPal Shares Are Rising In Tuesday Pre-Market: Here's Why

PayPal Holdings Inc. PYPL saw a 1.71% boost in pre-market trading on Tuesday, as investors eagerly await the company’s third-quarter earnings report.

According to Benzinga Pro, the stock had climbed 2.31% during market hours to close at $83.59 on Monday.

PayPal’s upcoming earnings report is a focal point for investors, as it could determine the stock’s future direction. Wall Street is expecting an earnings per share (EPS) of $1.07, as the company reports before market hours. The stock has seen significant growth, rising 63.13% over the past year and 35.50% year-to-date. This performance sets a high bar for the upcoming earnings report.

See Also: Scaramucci: Election ‘Too Close To Call’ But Expects Harris To Win And Trump To Try To Avoid Jail

The stock is currently trading above its five-day, 20-day, and 50-day exponential moving averages, indicating a strong bullish trend. However, the Relative Strength Index (RSI) of 67.66 suggests the stock is nearing overbought territory, which could limit further gains.

Analysts have given PayPal a consensus rating of “Buy” with a price target of $78.24. Recent ratings from Monness, Crespi, Hardt, Stephens & Co. and Wells Fargo suggest an average price target of $90, indicating an 8.02% potential upside.

Read Next:

• Bitcoin Up 2%, Dogecoin Surges 11%: Crypto Markets Storm Out Of The Gates On Monday, But Trader Cautions To ‘Stick To Your Plan’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari