Cindy Axne Pulled the Plug on Paypal Stock
Representative Cindy Axne, who sits on the House Committee on Financial Services for 2021-22, disclosed today that she dumped Paypal (PYPL:US) stocks for a significant loss.
On February 28, 2022, Rep. Cindy Axne bought Paypal shares in three transactions in the price range of $1,001- $15,000. At the same day, PYPL stock closed at $111.93. After her purchase, the stock did not perform well until the third-quarter earnings report on November 3, 2022.
Although the company reported beats on estimates, its revenue guidance for the current quarter was overall weak. As a reaction to the disappointing earnings report, the stock tanked the next day to a low of $71.17 before turning around and closing at $75.18. This pullback was due to a general market rally, triggered by a favorable jobs report the day after.
Rep. Cindy Axne from Iowa’s Third Congressional District sold her entire PYPL position into the strength of this recovery rally. On November 9, 2022, Cindy Axne sold her stock of Paypal shares in three transactions. These trades were also worth between $1,001 and $15,000 when the market closed at $78.68, resulting in a loss of up to 30%.
Democrat Cindy Axne, who is also a member of the Agriculture committees, has been conducting 159 trades in the last three years. According to her records, her favorite sectors to trade are financials and information technology.
