Benzinga | Oct 21, 2021 12:39PM EDT

Why PayPal Stock Is Trading Lower Again Today

PayPal (NASDAQ:PYPL) shares are trading lower following a Wednesday Bloomberg report suggesting the company is exploring the purchase of Pinterest (NYSE:PINS).

Bloomberg reported: "San Jose, California-based PayPal has recently approached Pinterest about a potential deal, the people said, asking not to be identified because the talks are private. The companies have discussed a potential price of around $70 a share, which would value Pinterest at roughly $39 billion, one of the people said."

Pinterest spiked higher following the report on Wednesday.

PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions.

PayPal has a 52-week high of $310.16 and a 52-week low of $174.81.

The stock was trading 5.03% lower at $245.36 per share at the time of publication.