With digitalization, digital payment providers like PayPal (PYPL) have seen tremendous growth over the years. PayPal went public with its initial offering in February 2020 with just $5.4 million shares at a share price of $13. Currently, the PayPal holding has a share price of $244.38 and expects to grow more with its Venmo app and other developments.
PayPal has seen an increase of 182.08% from March 2020 to March 2021, a remarkable growth within a year. With all this in account, investors are in a hurry to know could PayPal be a millionaire-maker stock to buy now? Does it have the potential to deliver a wealthy future for its investors? Let’s see what all PayPal has been up to and what to expect next.
PayPal’s Rally From Its Initiation To 2021
As the world went online, financial transactions also went digital, and since 2020 PayPal was the behemoth in digital payment providers. It merged with eBay after six months of initiation as eBay had almost $1.2 billion in their annual sales during the merge. Back then, the merge was a successful mission that helped both eBay and PayPal.
eBay got a competitive payment-solution while PayPal, greater visibility through eBay’s huge customer base. But the merge didn’t last for long and was ended in 2015, both splitting as two different stocks.
PayPal’s market capitalization is about $282.58B as of March 22, 2021, which implies that there is still more growth potential for this stock. They released the Q4 and full-year 2020 results on February 3. Thanks to its increased adoption during the pandemic, the quarterly revenue came at $6.12 billion. It has around 337 million users and merchants today, and the management expects an increase of this to 750 million users within five years.
How Can PayPal Be A Millionaire-Maker Stock?
The fuel of PayPal’s growth is its rapidly increasing users who frequently use their accounts and those who continue to sign-up with PayPal. Also, PayPal management should make more advancements in its plans to boost its customer base.
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