Fintech was once one of the hottest areas of the stock market. Back during the first round of Bitcoin frenzy, when the futures first started trading, all things fintech were going bonkers. Since then, the market has evolved and things are getting back to some normalcy. Most of these names are a far cry from their 2021 highs. Many of these stocks have been cut down 50, 60, even 70%. One such name is today’s Bear of the Day. I’m talking about PayPal ((PYPL Quick QuotePYPL - Free Report) )

PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It operates a two-sided network at scale that connects merchants and consumers that enables its customers to connect, transact, and send and receive payments through online and in person, as well as transfer and withdraw funds using various funding sources, such as bank accounts, PayPal or Venmo account balance, PayPal and Venmo branded credit products comprising its installment products, credit and debit cards, and cryptocurrencies, as well as other stored value products, including gift cards and eligible rewards.

PayPal is currently a Zacks Rank #5 (Strong Sell). The reason for the unfavorable Zacks Rank is that analysts all around Wall Street have been cutting their earnings estimates for the company. Over the last week alone, no fewer than 13 analysts have cut their current year estimates for the company. At least ten have done the same for next year’s numbers. Their bearish actions have cut PayPal’s current year Zacks Consensus Estimate from $5.53 to $5.06 while next year’s number is off from $6.28 to $5.56.

PayPal is in the Internet – Software industry that ranks in the Top 32% of our Zacks Industry Rank. Investors looking for other names within this industry have several names to choose from which are in the good graces of our Zacks Rank. These include Zacks Rank #1 (Strong Buy) stocks AppFolio ((APPF Quick QuoteAPPF - Free Report) )  and  BlackLine ((BL Quick QuoteBL - Free Report) ).