At the time of writing, Zip Co Ltd [ASX: Z1P] stock is trading at $ 632, up 569%

Zip Co recently announced its results for the second quarter of 2021 The company has grown strongly in both Australia and the US, marking its place as one of the fastest growing BNPL (Buy Now, Pay Later) providers

The drastic events of the year as the COVID-19 pandemic hit the world resulted in more and more people using BNPL services

Since the virus covered the globe, it turned out to be very contagious and airborne

To prevent people from breathing each other, governments around the world have issued lockdown orders, forcing people to stay at home

The nudge was that people were shopping more and spending more from home, leading many online retailers to see an increase in their online users

Across the pond in the US, the company operates Quadpay, and its results have been just as, if not more impressive:

The growth of the BNPL sector through 2020 appeared to be due to the COVID-19 pandemic

While the virus appears to be somewhat contained in Australia, it is still raging in the US In the US, the death toll recently reached 400000 people met

It remains to be seen whether the BNPL sector will continue to grow at the current pace once the global pandemic is under control

The stock price rose to $ 632 in the last four weeks at the time of writing

Should the rise continue then the levels of $ 698 and $ 790 may offer future resistance

If the price is falling then the USD03 level may become the focus

It might not reach these heights in the short term, but it could be due for a try in the near future

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The value of an investment and the income from it can go down as well as up. Never invest more than you can afford to lose, and remember that the ultimate risk is that you can lose everything you can While the past is useful for spotting patterns, it is not an indication of future performance. Some figures included in our reports are projections and may not be a reliable indicator of future results. Actual or potential profits in these reports may not include taxes, brokerage commissions, or fees related fees

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World news – AU – Zip Co share price rises to excellent growth figures (ASX: Z1P)