After three consecutive down days this week, Afterpay is finally green on Thursday.
The post Why the Afterpay (ASX:APT) share price is in the green today appeared first on The Motley Fool Australia. –
The Afterpay Ltd (ASX: APT) share price is finally catching a break on Thursday, bouncing 3.49% higher to $102.46.
Two weeks on from the Apple announcement
It’s been a little over two weeks since the headlines that Apple was developing its own BNPL service.
However, the selling pressure continues to linger, with the Afterpay share price tumbling 3.60% to $99 on Wednesday.
The Wednesday decline was off the back of above average trading volume, with almost 1.5 million shares changing hands compared to Afterpay’s 10-day average of approximately 1.05 million shares.
What’s driving the Afterpay share price on Thursday
Afterpay shares might be taking Wall Street’s lead after the Nasdaq Composite posted a solid 0.70% gain overnight.
The tech-heavy Nasdaq managed to run higher despite the Dow Jones Industrial Average and S&P 500 edging 0.36% and 0.02% lower respectively.
Encouraging, Afterpay’s major US competitor, Affirm Holdings Inc (NASDAQ: AFRM) managed to post a 2.82% gain to US$61.18 as well.
The broader BNPL sector is also bouncing higher on Thursday, with the large cap players taking charge.
The Zip Co Ltd (ASX: Z1P) share price is up 5.49% to $6.91.
While Sezzle Inc (ASX: SZL) is also posting a 2.39% gain to $8.15.
Despite a small victory today, the Afterpay share price is still down 4.05% this week and down 13.96% year-to-date.
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
Here’s why the Zip Co (ASX:Z1P) share price is leaping 5% today
PayPal (NASDAQ:PYPL) share price falls on profit decline
Why Afterpay, Nickel Mines, Nitro, & St Barbara shares are sinking
Motley Fool contributor Kerry Sun 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.