The S 500 has set one new all-time high after another in 2024, but not every stock has participated in the current bull market. Some stocks remain beaten down, well below the highs reached in late 2021 and early 2022.

Some of the companies behind those stocks benefited from the behavior changes ushered in by the COVID-19 pandemic. But as things start to resemble the way things were pre-pandemic, they don't look as attractive. Others, however, look oversold, and their current valuations don't reflect their true potential.

One example of the latter is (NASDAQ: PYPL). PayPal's share price surged as COVID-19 drove more online and contactless sales. But a couple of bad quarters and a CEO change led to a massive sell-off in shares. The stock currently trades around 81% below the all-time high it reached in mid-2021. Here's why it may be a great opportunity to buy up some shares.

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Source Fool.com