Manole Capital Management, an investment management company, focused on covering the Financial and Technology sectors, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation is nearly two-thirds lower than a year ago, unemployment is negligible, and the economy is expanding nicely. The Fed has reiterated its intention to keep interest rates “higher for longer.” Fed Funds reached a 22-year high following the most recent rate hike. The firm tracks and analyzes credit card delinquencies and charge-offs to assess the American consumer’s health. The American consumer is becoming more reliant on credit and has depleted some of their 2021 stimulus savings. As a reminder, Manole Capital prefers payment processors, merchant acquirers, gateways, and networks over card issuers due to their credit sensitivity. It is critical to continue to watch these payment trends, regardless of which business is ultimately “left holding the bag.” The letter discussed PayPal Holdings, Inc. in detail. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Manole Capital Management highlighted stocks like PayPal Holdings, Inc. (NASDAQ:PYPL) in the third quarter 2023 investor letter. Headquartered in San Jose, California, PayPal Holdings, Inc. (NASDAQ:PYPL) is a technology platform that enables digital payments. On October 16, 2023, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $57.00 per share. One-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was -8.35%, and its shares lost 33.17% of their value over the last 52 weeks. PayPal Holdings, Inc. (NASDAQ:PYPL) has a market capitalization of $62.588 billion.
Manole Capital Management made the following comment about PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q3 2023 investor letter:
“Speaking of payment trends, it has been 8 years since we published a stock specific note on PayPal Holdings, Inc. (NASDAQ:PYPL). If you click on www.manolecapital.com/research, you can re-read that note from September 2016. In it, we specifically discuss how PayPal could begin to monetize its Venmo asset, following its spinout from eBay.
Here’s a picture we recently took at a retailer’s point-of-sale. While PayPal and Venmo are not yet as universal as Visa and Mastercard, more and more retailers are beginning to accept other brands.
Following some difficult performance of late, we thought it might be helpful to examine what’s going on with PayPal….” (Click here to read the full text)
www.BillionPhotos.com / Shutterstock.com
PayPal Holdings, Inc. (NASDAQ:PYPL) is in 13th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held PayPal Holdings, Inc. (NASDAQ:PYPL) at the end of second quarter which was 103 in the previous quarter.
We discussed PayPal Holdings, Inc. (NASDAQ:PYPL) in another article and shared the list of best blue-chip stocks under $100. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
