Down 40%, Is It Time to Buy This Cathie Wood Fintech Favorite?
Adyen (OTC: ADYE.Y) is used by millions of consumers around the world every day but it is invisible to the everyday consumer. The financial technology giant processes around $1 trillion in payment volume annually, putting up impressive revenue growth over the last few years.
Its customers include Spotify and , large enterprises with complex payment needs, which rely on Adyen to seamlessly accept customer transactions around the globe. It is no surprise then to see tech investor Cathie Wood and her investment firm Ark Invest hold a sizable position in the company.
While Adyen used to be a stock market darling, investor sentiment has suddenly turned negative. Share prices are down 40% in recent weeks after the company reported slowing revenue growth and compressing profit margins in the first half of 2023. The stock price drop wiped out over $10 billion in market value.
Source Fool.com
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