It’s a bad day for the tech index, and Afterpay is among the leaders of its downfall.
The post The Afterpay (ASX:APT) share price is falling on Friday appeared first on The Motley Fool Australia. –
Currently, the buy now, pay later (BNPL) giant’s shares are trading for $116.85, 5.5% lower than they were at yesterday’s close.
The Afterpay share price’s woes are dragging on the S&P/ASX All Technology Index (ASX: XTX), which is dipping 3.18% right now.
Let’s take a closer look at how the Afterpay share price is performing today.
What’s up with Afterpay today?
The Afterpay share price opened at $121 today. That was 2.1% lower than its previous closing price of $123.65.
It’s since plummeted lower, losing the 4.5% it had gained since last Friday’s close. Unless it makes a comeback this afternoon – which is seems unlikely right now – Afterpay will finish the week in the red for the second week in a row.
Fortunately or unfortunately, Afterpay isn’t alone in its pain today.
The company’s BNPL competitor Zip Co Ltd (ASX: Z1P) is suffering alongside it.
The Zip share price is currently 5.24% lower than its previous close, with shares in the company trading for $8.32.
Afterpay share price snapshot
Today’s major fall has put Afterpay shares back in the red. They’re currently down 2.47% year to date.
However, they’re still trading for 57% more than they were this time last year.
The company has a market capitalisation of around $35.8 billion, with approximately 290 million shares outstanding.
Should you invest $1,000 in Afterpay right now?
Before you consider Afterpay, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Afterpay wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of May 24th 2021
The Afterpay (ASX:APT) share price has now soared 25% in the last month
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.