Splitit (ASX:SPT) share price surges 20% on Wednesday

After hitting 13 month lows last Friday, Splitit shares are surging.

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The Splitit Ltd (ASX: SPT) share price is an outlier amongst its buy now pay later peers on Wednesday, surging 19.23% to 62 cents.

Surprisingly, the company has not made any price-sensitive announcements since its Q2 FY21 activities report on 29 July.

Let's take a closer look at the price action behind Splitit shares.

Splitit share price leading the BNPL sector

Splitit opened 8.65% higher to 56.5 cents on Wednesday morning but managed to climb as high as 62 cents before noon.

At the time of writing, approximately 7 million shares have traded hands, compared to its 10-day average of 3 million.

By comparison, leading BNPL names such as Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P) and Sezzle Inc (ASX: SZL) have managed to eke out some small gains, rising 0.18%, 1.41% and 0.91% respectively.

Smaller peers with a similar market capitalisation as Splitit have delivered mixed performances on Wednesday, with Laybuy Group Holdings Ltd (ASX: LBY) up 0.95% but Openpay Group Ltd (ASX: OPY) and Humm Group Ltd (ASX: HUM) down 3.31% and 0.51% respectively.

Maybe its Afterpay

Afterpay's $29 billion takeover offer from Square Inc (NYSE: SQ) has sent ripples throughout the BNPL sector.

Most ASX-listed BNPL shares have logged double digit returns since the takeover announcement on Monday.

The Zip share price, for example, has welcomed the takeover news, surging 19.58% this week.

Similarly, the Splitit share price has jumped 32.61% this week as well.

Or maybe a dead cat bounce

The Splitit share price is one of the most beaten up BNPL shares.

Last Friday, the company's shares hit a 13-month low of 45.5 cents or a year-to-date decline of about 65%.

While a 32% rally this week is impressive, Splitit has a long road ahead to reach breakeven for the year.

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