Filings by the Securities Exchange Commission (SEC) indicate that PayPal CEO Daniel H. Schulman has sold 25,000 shares (NASDAQ: PYPL) of its stock. The November 17th transaction saw Schulman sell each share at an average price of $193.11 with a cumulative value of about $4.82 million.
Schulman now controls a total of 420,203 PayPal shares, which have a value of about $81.14 million.
The sale comes in the wake of PayPal announcing its Q3 2020 results. During the quarter, PayPal’s year-over-year payment volume surged by 38%. The revenue rose by 25%, whiles the adjusted income grew by 42%.
PayPal stock soars amid contactless payment growth
Notably, PayPal has been a beneficiary of the coronavirus pandemic. Most people and businesses turned to contactless payments in a bid to curb the spread of the virus.
During Q3 2020, lockdown measures were eased as people resumed in-person shopping, but PayPal continued to witness growth.
PayPal has been the frontrunner as more people shifted to online shopping even before the pandemic hit. Notably, the platform has been rolling out new features to support contactless shopping.
The company, which added 15.2 million active accounts during Q3, rolled out a contactless credit card offered by its mobile payment subsidiary Venmo. These development have helped PayPal stock soar. Over the last 12 months, Paypal’s lowest stock price was at $82.07 while the highest value was at $195.94.
PayPal has also been witnessing a lot of attention from institutional investors recently. For example. Adams Wealth Management bought shares in PayPal valued at around $25,000. Additionally, the Advisory Alpha acquired a stake in PayPal at a similar amount. Both acquisitions were finalized during the third quarter.
It worth mentioning that the company is diversifying its business with the announced support for cryptocurrencies.