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The Zip (ASX:Z1P) share price fell 20% in November and now trades at a 52-week low

It has been another disappointing day for the Zip Co Ltd (ASX: Z1P) share price on Thursday. In morning trade,…
The post The Zip (ASX:Z1P) share price fell 20% in November and now trades at a 52-week low appeared first on The Motley Fool Australia. –

It has been another disappointing day for the Zip Co Ltd (ASX: Z1P) share price on Thursday.

In morning trade, the buy now pay later (BNPL) provider’s shares fell over 5% to a new 52-week low of $4.78.

This means the Zip share price is already down almost 8% in December following a 20.5% decline in November.

Why did the Zip share price tumble in November?

The Zip share price tumbled last month despite the company releasing a strong trading update at its annual general meeting.

This weakness could have been driven by concerning reports in the United States which claim that fraud is rising in the BNPL industry.

According to CNBC, experts are saying that criminals are exploiting weaknesses in the application process for BNPL loans and stealing items ranging from pizzas to video game consoles. And while Zip wasn’t mentioned in the report, it still appears to have spooked some Zip shareholders and overshadowed its strong performance in October.

Speaking of which, at its annual general meeting management revealed that its strong total transaction volume (TTV) growth continued in October.

Zip’s Managing Director and CEO, Larry Diamond, commented: “October was Zip’s highest TTV month on record processing over $770m in transaction volume for the month, which was a 94% increase on October 2020, with the Company now annualising at over $9b. Off the back of the rebrand, October delivered a 24% MoM increase which provides outstanding momentum entering the seasonal peak period.”

Is this a buying opportunity?

While the recent pullback in the Zip share price is disappointing for shareholders, it could be a buying opportunity for non-shareholders.

That’s the view of the team at Morgans, which has an add rating and $8.56 price target on its shares. Based on the current Zip share price, this implies potential upside of 79% over the next 12 months.

Morgans commented: “We continue to see longer term upside if Z1P can continue to execute on its ambitions of becoming a global payments player.”

The post The Zip (ASX:Z1P) share price fell 20% in November and now trades at a 52-week low appeared first on The Motley Fool Australia.

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

Before you consider Zip, 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 Zip 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 August 16th 2021

More reading

These were the 5 worst performing ASX 200 shares in November

These are the 10 most shorted ASX shares

Down 20% in a month: Is the Zip (ASX:Z1P) share price too cheap to ignore?

Why Zip (ASX:Z1P) and this ASX tech share could be buys

Are Zip (ASX:Z1P) shares a buy? Some pros and cons from Motley Fool analyst Kate Lee

Motley Fool contributor James Mickleboro 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 ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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