Michael Burry Trims VEEV After Near-100% Gain, Holds PYPL — Here’s Where He’ll Buy More Of PayPal

• Burry said Veeva is now “more expensive than the buy price by quite a bit” after nearly doubling in recent months.
• He continues to hold VEEV because he believes the stock remains below its intrinsic value and likes the company’s competitive position.
• Burry said he would add to PYPL if shares fall to the mid-$40s after Stripe and Advent abandoned their reported $53-billion-plus takeover pursuit.

Michael Burry has trimmed his position in Veeva Systems Inc. (VEEV) after the stock nearly doubled over the last few months, while continuing to hold a smaller stake in the company. Burry also said on Friday that he reduced his position in PayPal Holdings (PYPL) ahead of reports that a consortium led by Advent International and Stripe had abandoned plans to acquire the payments company. He plans to hold the remaining stake and add more if the stock falls into the mid-$40s.

At the time of writing on Friday, VEEV stock was down 0.13% in after-hours trading after ending the regular session 1.93% lower. PYPL shares were up 0.15% after hours following a 12.71% decline during regular trading.

Burry Trims Veeva Position

Burry said in a Substack post that Veeva stock has nearly doubled over the last few months, making the current price “more expensive than the buy price by quite a bit.” He said other opportunities also provide enough reason to sell, even at that after-tax price.

Veeva is now a smaller position at around 3%, Burry said, adding that he is “more or less playing with the house’s money” on a position he still likes.

Why Burry Is Still Holding VEEV

Burry plans to hold the smaller Veeva stake because it is “not yet expensive relative to its intrinsic value, its IV8,” and because he believes in the business and its competitive position relative to other opportunities.

“Information is never perfect, and it generally pays to hold onto very good businesses,” Burry said.

He added that he has harvested some of the capital from Veeva and plans to redeploy it into “more spring-loaded positions.”

Burry Holds PayPal After Deal Falls Apart

On PayPal, Burry said, “the deal fell apart,” with the stock trading down nearly $8 to the $53s when he shared the post on Substack. Burry said he had reduced the position while “balancing risks of just this type.” The position remains roughly 3%, as with Veeva, and he plans to hold it.

“I will add should it fall to the mid $40s,” Burry said.

Stripe and Advent International reportedly ended their takeover pursuit of PayPal on Friday. The consortium is no longer considering a takeover bid that would have valued PayPal at more than $53 billion.

VEEV, PYPL Stocks: Stocktwits Retail Sentiment

On Stocktwits, retail sentiment was ‘extremely bullish’ for VEEV and ‘bullish’ for PYPL at the time of writing. Message volume for both stocks was ‘high.’

Year-to-date, VEEV stock is up more than 23%, while PYPL shares have lost over 10%.

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