Here's Why PayPal Stock Is Rising Today

PayPal Holdings Inc PYPL shares are trading higher Wednesday following reports suggesting Paul Singer's Elliott Management Corp has taken a stake in the company.

According to a Wall Street Journal report, citing people familiar with the matter, the activist investor has taken a stake in PayPal, although the size of the stake and the intentions behind the investment are unknown. 

Elliott had more than $50 billion under management at the end of 2021 and is known as one of the most prolific activists, according to the report.

Related Link: PayPal Stock Takes Off Following Report Of Elliott's Stake Build: What Investors Need to Know

Berenberg analyst Tammy Qlu maintained PayPal with a Buy rating on Tuesday and lowered the price target from $190 to $145.

PayPal is set to announce its second-quarter financial results after the market close on Aug. 2. 

PYPL Price Action: PayPal has a 52-week high of $196.09 and a 52-week low of $67.58.

The stock was up 8.05% at $83.25 at press time, according to data from Benzinga Pro.

Photo: courtesy of PayPal.