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

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

| More on:
green arrow representing a rise in the share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Should you invest $1,000 in Pro Medicus right now?

Before you buy Pro Medicus shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Pro Medicus wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Humm Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy finish to the week for ASX shares this Friday.

Read more »

Five young people sit in a row having fun and interacting with their mobile phones.
Share Gainers

5 ASX All Ords stocks rocketing higher this week

Investors sent these five ASX All Ords stocks soaring this week. But why?

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Gainers

Why Boss Energy, Capstone, Dimerix, and Platinum shares are storming higher today

These shares are having a good finish to the week. Let's find out why.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was the ASX's fourth day of gains for the week today.

Read more »

a man raises his fists to the air in joyous celebration while learning some exciting good news via his computer screen in an office setting.
Share Gainers

Why Cedar Woods, Healius, NextDC, and Platinum shares are charging higher today

These shares are rising on Thursday. But why are investors buying them? Let's find out.

Read more »

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Share Gainers

These were the best-performing ASX 200 shares in April

These shares were in fine form in April. Let's see why they outperformed.

Read more »

Hiker man backpacker with hands up in the summer mountains with cloudy sky.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX made it three from three.

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Share Gainers

Why Cedar Woods, Orthocell, PEXA, and St Barbara shares are storming higher today

These shares are having a good session on hump day. But why?

Read more »