Block, Upstart, Robinhood stocks perk up after several rough months

May 12, 2022 1:49 PM ETBlock, Inc. (SQ), HOOD, UPST, PYPL, FINXCOINBy: Liz Kiesche, SA News Editor3 Comments

Financial concept in Coronavirus days.

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  • Fintech names that slumped the most in the past week are now rebounding strongly in Thursday afternoon trading, as buy-the-dip investors step in.
  • Block (NYSE:SQ) is rising 2.0% after touching a 52-week low of $65.10 in the day's session. Upstart (NASDAQ:UPST), up 14%, dropped to as low as $25.43 on Wednesday (its lowest point since its IPO that priced at $20 per share), after falling 67% in a week. Robinhood (NASDAQ:HOOD) rises 2.8% after hitting its all-time low of $7.71 on Thursday. Recall that Robinhood (HOOD) started trading on July 29, 2021 after pricing for $38 in its IPO.
  • PayPal (NASDAQ:PYPL), though, isn't feeling the love. Its shares are slipping 2.7%, after reaching $72.94 earlier Thursday, its lowest point since late 2017.
  • YTD, the Global X FinTech Thematic ETF (NASDAQ:FINX) has dropped 45%, Block (SQ) lost 54%, and PayPal (PYPL) has slid 61% as seen in this graph.
  • Even over a three-year timeframe, the fintechs have fared poorly. FINX has declined 22% compared with the S&P 500's 42% gain. Block (SQ) has risen 12% during that time period and PayPal (PYPL) has dropped 33%.
  • Earlier, Crypto miner stocks bouncing from bottom or dead-cat bounce?
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