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The Motley Fool Australia »Stock Winners» Why Afterpay’s (ASX: APT) share price is skyrocketing even higher today

Sebastian Bowen | 8th February 2021 14:29 | Further information: APT Z1P ASX 200

Afterpay Ltd (ASX: APT) stock price is on fire again today, just one trading day after hitting a new all-time high last week

Afterpay stock price is $ 15519 at the time of writing, up 257% today. But earlier this morning, the market darling “Buy Now, Pay Later” (BNPL) hit another record high, this time $ 15650 one Share

This means that Afterpay stocks are up more than 10% in the last week alone, more than 33% in the last month, and more than 300% in the last 12 months based on the company’s current market cap of $ 4415 billion, Afterpay is now worth more than ASX blue chips like Coles Group Ltd (ASX: COL), Telstra Corporation Ltd (ASX: TLS), and Transurban Group (ASX: TCL)

There are two strong tailwinds Afterpay is sitting in to notice before we even talk about today’s move

The first is the most recent good form that the entire S&P / ASX 200 index (ASX: XJO) has seen over the past week, particularly due to the announcement made by the Reserve Bank of Australia (RBA) last week

The RBA announced it would double its quantitative easing (QE) programs and likely keep interest rates at the record low of 0.1% by 2024.This has started a fire under the ASX and has investors chasing growth stocks in particular afterpay fits very well with this calculation

Second, the BNPL space has also driven investors insane. Late last month, Afterpay’s rival Zip Co Ltd (ASX: Z1P) released a very positive quarterly update that stated that the transaction volume rose 103% to $ 1 Up6 billion in the quarter With BNPL still a relatively new industry, it may still be a “rising tide that lifts all boats” for investors

According to coverage in The Sydney Morning Herald (SMH), broker Seaport Global beat Afterpay shares this morning with a buy rating and a new price target of $ 175 per share, which means an upside from the current share price of around 13% Perhaps That was all some investors who already saw FOMO through Afterpay needed this morning

The SMH report also states that another broker in Morgan Stanley is also optimistic about Afterpay The company’s app downloads in the US in January were double what it was a year ago, which, in turn, Morgan Stanley argues, bodes well for future revenue growth

The Afterpay share price – arguably the longest and wildest party on the ASX – should continue to rage if these assessments prove to be correct

A little-known Australian IPO has doubled since January, and renowned Australian moonshot stock picker Anirban Mahanti sees a potential millionaire waiting

With ‘Doc’ Mahanti believing this fast-growing company has all the hallmarks of real moonshot potential, forget ‘buy now, pay later’, this stock could be the next hot stock on the ASX

Doc and his team posted an in-depth report on this tiny ASX stock – Find out how to get your NEXT Afterpay today!

Sebastian Bowen owns shares in Telstra Limited The parent company of Motley Fool Australia, Motley Fool Holdings Inc owns shares in ZIPCOLTD FPO The Motley Fool Australia owns and has recommended shares in Telstra Limited The Motley Fool Australia owns shares in AFTERPAY T FPO, COLESGROUP DEF SET and Transurban Group The Motley Fool has a disclosure policy This article contains only general investment advice (under AFSL 400691) Authorized by Bruce Jackson

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World news – AU – Why the Afterpay (ASX: APT) share price is exploding even higher today