Since the start of the year, the BNPL company’s shares have been volatile but today was a good day.
The post The Afterpay (ASX:APT) share price stormed 5% higher today appeared first on The Motley Fool Australia. –
Afterpay Ltd (ASX: APT) shares stormed higher on Wednesday’s session. At market close, the Afterpay share price finished the day up 4.55% to $120.01.
Let’s take a look at today’s share price action from the buy now, pay later (BNPL) giant.
What fuelled the Afterpay share price?
Afterpay did not release any price-sensitive news to justify today’s bullish price action. And as reported by The Motley Fool earlier today, Afterpay shares have been the subject of some varied broker coverage of late.
But as we also covered today, Afterpay shares weren’t the only ASX tech shares feeling the love. The S&P/ASX 200 Info Tech Index (ASX: XIJ) finished the day 2.82% higher which followed a solid night of trading over on the tech-heavy Nasdaq Composite (NASDAQ: .IXIC).
What else has been happening?
Despite being a market darling last year, the Afterpay share price has had a paltry start to 2021.
Since the start of the year, shares in the company have jumped around in a wide trading range. As a result of the volatility, the Afterpay share price is currently only slightly up on the $119 at which it started the year.
Having been sold-off in May, Afterpay shares enjoyed somewhat of a comeback during June and have gained 27% over the past month. Included in these gains was a boost late last month after the company announced further expansion into the US.
Afterpay advised that its ‘one-time’ card will be extended for US customers. As a result, customers will be able to shop at retailers such as Amazon.com, Inc. (NASDAQ: AMZN), Nike Inc (NYSE: NKE) and Target Corporation (NYSE: TGT).
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.
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*Returns as of May 24th 2021
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Nikhil Gangaram 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, Amazon, and Nike. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Amazon and Nike. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.