Benzinga | Oct 25, 2021 12:37PM EDT

Why PayPal Stock Is Trading Higher Today

PayPal (NASDAQ:PYPL) shares are trading higher after the company announced it is not pursuing an acquisition of Pinterest (NYSE:PINS) at this time.

Rumors of the possible acquisition started circulating last week following a Bloomberg report.

"In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time," said PayPal in a statement issued today.

PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions. The company had 377 million active accounts at the end of 2020, including 29 million merchant accounts.

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

PayPal was trading 4.03% higher at $250.08 per share at the time of publication.