It’s been a crazy day â nay, week â for the Sezzle Inc (ASX: SZL) share price. The stock launched a whopping 95% to trade at 70.5 cents this afternoon before being placed in a trading halt.
Its intraday high of 79 cents â representing a near-120% gain â also marked a two-month high for the stock.
For context, the All Ordinaries Index (ASX: XAO) is up 0.3% right now and has traded relatively flat over the last three sessions.
So, what might be driving the ASX buy now, pay later (BNPL) share sky-high this week? Let’s take a look.
The Sezzle share price has leapt 135% this week
The Sezzle share price has well and truly picked itself up by the bootstraps after a poor start to the week.
It’s more than overcome the 13% tumble it recorded on Monday, launching 38% on Tuesday before rocketing into the freezer today.
The company has since announced its unexpected trading halt will precede a further announcement to the market. No further details are currently known.
Today’s incredible gains came despite the company maintaining its silence. In fact, the market hasn’t heard word from the company since it abandoned its planned merger with Zip Co Ltd (ASX: ZIP).
And while the BNPL favourite’s gains are comparatively extreme, it isn’t alone in the green. The Zip share price posted a 20% gain yesterday and is up another 19% today.
Though, not all ASX BNPL giants are enjoying a resurgence this week. Stock in Afterpay owner Block Inc (ASX: SQ2) is down 4% right now after slipping around 3% yesterday.
Impressively, the Sezzle share price is currently frozen more than 280% higher than the all-time low of 18.5 cents it inked less than two weeks ago.
However, it’s still a long way off its previous highs. The stock has slumped 77% since the start of 2022. It’s also trading 94% lower than the all-time high it reached in mid-2020.
The post Sezzle share price rockets 95% before being frozen. What’s going on? appeared first on The Motley Fool Australia.
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More reading
- Why are ASX buy now, pay later shares rocketing higher today?
- Own Sezzle shares? Here’s why the BNPL company is suing GameStop
- How to beat the market with âboringâ ASX shares: fundie
- 3 ASX All Ords shares sidestepping the selling today
- Penny-pincher: Where Sezzle shares could be heading from here
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. has positions in and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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