The Afterpay Ltd (ASX: APT) share price is slipping today despite the broader market gaining.
In early morning trade, the buy now, pay later (BNPL) giant hit an intraday low of $116.60, which was a 2% fall on yesterday’s close. It then recovered and is now trading at $118.22, down 0.70% at the time of writing.
Conversely, the S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) are both currently trading around 0.40% higher.
If you’re looking for one word to sum up Afterpay’s share price in recent months, it’s volatility.
Let’s take a look at how Afterpay has been tracking on the ASX lately.
What’s going on with Afterpay shares?
Afterpay hasn’t announced any price sensitive news since late April. Its share price continues to fluctuate, regardless.
It’s now mostly recovered from the massive drop it experienced in May, along with many other BNPL shares.
It hit its lowest point in more than 8 months on 12 May at $81.85 during intraday trading. Luckily, it has scraped back its May losses after a bumper June saw tech shares gaining across the board.
The Afterpay share price was boosted again in late June by a broker note and deals with some of the United States’ largest brands.
What happens next is anyone’s guess.
Afterpay share price snapshot
It goes without saying that 2021 has been the best of times and the worst of times for Afterpay on the ASX.
The Afterpay share price began the year at $119.68 at open on the first trading day of 2021. It rose to a record high of $160.05 in February before falling steeply to $101.50 by the end of the March quarter.
It headed north once again to close at $117.65 on April 30 before a second major decline in May.
The BNPL giant has a market capitalisation of about $34 billion, with approximately 290 million shares outstanding.
The post The Afterpay (ASX:APT) share price is slipping today while the ASX 200 gains appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper 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. 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.
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