Technology Stocks Crash: 5 Biggest Losers

1. PayPal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 110   

Percentage Decline in Share Price Over Past Month: 36%     

Topping the list is payments technology company PayPal Holdings, Inc. (NASDAQ:PYPL), shares of which have crashed by 36% over the past month. Several hedge funds timed their exits from the stock well in Q4, as at the end of the fourth quarter of 2021, 110 hedge funds in the database of Insider Monkey held stakes worth $9.9 billion in PayPal Holdings, Inc. (NASDAQ:PYPL). That was down from 123 long positions in the preceding quarter which were worth $12.8 billion.

On February 3, Needham analyst Christopher Brendler lowered the firm’s price target on PayPal Holdings, Inc. (NASDAQ:PYPL) to $166 from $275 but kept a ‘Buy’ rating on the stock, noting the firm was a big pandemic winner but now faced brutal competition highlighted by the loss of eBay, one of its largest customers, in addition to facing broader economic concerns. 

In its Q4 2020 investor letter, Polen Capital Management discussed PayPal Holdings, Inc. (NASDAQ:PYPL), having this to say about the company:

“For the full year 2020, one of the top performers was PayPal, which we purchased in 2019, the company continues to take market share in digital payments and has seen an acceleration in user adoption and engagement, especially within their “silver tech” or older user demographic. We expect many more years of ongoing double-digit growth from their various business segments and new initiatives.”

Be sure to also check out 10 Dividend ETFs for 2022 and 15 Fastest Animals in the World.

Follow Insider Monkey on Twitter