PayPal (NASDAQ: PYPL) has been one of the worst-performing stocks in the market during the past few years. Long-term shareholders (like myself) have felt a lot of pain since PayPal peaked at $308 per share in 2021. However, within the past six months, the stock has crossed into valuation territory often reserved for companies that are shrinking, not growing.

Many investors have wondered if PayPal might see a resurgence like Meta Platforms did in 2023, and with the stock up more than 10% from its March lows, it could be the start of a major bull run.

So, is it time to buy PayPal stock? Or is this just a false dawn?

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Source Fool.com