Fintech stocks have had a hard time on the charts in 2024
Fintech stocks are fascinating because of their sensitivity to artificial intelligence (AI) developments or Big Tech partnerships. But for the most part in 2024, the heavy hitters in the sector have been asleep at the wheel. Though many of the high-profile stocks are swimming in red ink, fintech is still an industry to keep an eye on every month or so, to see if entry points are too enticing to pass up.
One of the original fintech stocks, PayPal Holdings Inc (NASDAQ:PYPL), was last seen down 0.8% at $57.57. The shares are trading at their lowest level since February, and have finished 12 of the last 15 trading sessions lower. Year-to-date, PYPL is off by 6.3%.
Block Inc (NYSE:SQ) is another OG that has fallen on hard times, down 18.3% in 2024. The shares are down another 2% today, and at $63.10, have traded in a tight range since a May 22 bear gap. The stock's 30-day moving average has guided SQ lower since April 1.
Affirm Holdings Inc (NASDAQ:AFRM) has taken a 39.2% haircut in 2024, carving out a channel of lower lows since their Dec. 27 two-year high of $52.48. Nevertheless, AFRM remains up 94% in the last 12 months.