Billionaires Can't Stop Buying This Fintech Stock on Sale
This has been a challenging year for professionals and retail investors alike. The S&P 500 got off to its worst six-month start in 52 years, and growth stocks have taken the brunt of the hit.
PayPal (NASDAQ: PYPL) is one beaten-down growth stock that has dipped nearly 70% from its all-time high price set last year. The fintech has experienced slowing growth, and earlier this month, investors learned that activist investor Elliot Investment Management took a $2 billion stake in PayPal.
Hedge funds were buyers too. D.E. Shaw added 3.9 million shares, nearly doubling the hedge fund's position, and Ray Dalio's Bridgewater Associates added 1 million shares of the fintech. So if billionaires are buying PayPal, should you?
Source Fool.com
