The IOUpay (ASX:IOU) share price is soaring 11% today. Here’s why

It’s proving to be a big day for IOUpay shares. We take a closer look
The post The IOUpay (ASX:IOU) share price is soaring 11% today. Here’s why appeared first on The Motley Fool Australia. –

The IOUpay Ltd (ASX: IOU) share price is soaring today despite no news having been released by the company.

Right now, IOUPay shares are trading for 24 cents apiece, 11.63% more than their previous close.

Additionally, more than 10.9 million IOUpay shares have swapped hands today. The average number of IOUpay shares traded per month is around 4.3 million.

Let’s take a look at what might be driving IOUpay’s shares higher today.

What might be driving IOUpay?

The IOUpay share price could be being boosted by a number of factors today.

The share price movement could be a belated reaction to IOUpay’s exciting news found within its quarterly report.

The report was released on Thursday. Within it, IOUpay detailed the successful launch of its myIOU buy now, pay later (BNPL) service.

As part of the service, IOUpay released a myIOU app to both the Apple App Store and the Google Play Store.

Despite only just launching the service, myIOU saw $584,459 worth of sales in June. After the end of the June quarter, IOUpay recorded another $1,609,431 worth of sales through myIOU.

Another factor that might be boosting the IOUpay share price is the broader BNPL market. Many BNPL shares are gaining at around the same rate as IOUpay today, likely spurred by the market’s excitement over Afterpay Ltd‘s (ASX:APT) takeover offer from Square Inc.

Afterpay’s board recommended Square’s acquisition offer on Monday.

The Afterpay share price is up 12% today. Fellow BNPL giant Zip Co Ltd (ASX:Z1P) is gaining 9.2%, while Sezzle Inc (ASX:SZL) is also performing better than the broader market, gaining 4.4%.

IOUpay share price snapshot

The IOUpay share price is having a good year on the ASX. Right now, it’s 20% higher than it was at the start of 2021. It has also gained 512% since this time last year.

The company has a market capitalisation of around $118 million, with approximately 551 million shares outstanding.

The post The IOUpay (ASX:IOU) share price is soaring 11% today. Here’s why appeared first on The Motley Fool Australia.

Should you invest $1,000 in IOUpay right now?

Before you consider IOUpay, 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 IOUpay 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

More reading

Why Afterpay, Bellevue Gold, Pilbara Minerals, & Zip are charging higher

Here’s why the Zip (ASX:Z1P) share price is rocketing 8%
Up another 12%, why the Afterpay (ASX:APT) share price keeps pushing higher
ASX 200 midday update: Afterpay jumps again, Qantas stands down crew

Afterpay share price surges on takeover. Oil Search, Santos do a deal. Scott Phillips on Nine’s Late News

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Alphabet (A shares), Alphabet (C shares), Apple, and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!