PayPal Holdings Inc (NASDAQ:PYPL) shares are trading lower Wednesday alongside several stocks in the broader technology sector amid weakness in tech giant Netflix Inc (NASDAQ:NFLX).
Netflix reported an unexpected decline in its subscriber base during the first quarter and guided for another subscriber loss in the second quarter. The stock was down more than 35% at publication time.
PayPal is down nearly 50% year-to-date and more than 10% in just the last week. Several analysts have lowered price targets on the stock this month, citing inflationary pressures and elevated user churn.
Related Link: Here's Why Credit Suisse Slashed Its Price Target On PayPal
Traders also continue to assess Fed policy outlook amid rising inflation and ongoing geopolitical tensions.
PayPal is set to announce its financial results after the market closes on April 27.
PYPL 52-Week Range: $92.25 - $310.16
According to data from Benzinga Pro, the stock was down 8.72% at $94.62 at press time.
Photo: courtesy of PayPal.
