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Afterpay’s AUSTRAC update sends shares soaring
Afterpay founders Anthony Eisen and Nicholas Molnar
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  • Afterpay's (APT) shares dropped to an intraday low of $81.85 on May 13, marking an eight-month low for the buy now, pay later darling
  • It marks a sobering turn for a company that enjoyed a 2021 high point in February, when APT shares traded around $154 apiece
  • Although creeping back up slightly in mid-April, the ASX-lister's share price has since felt a gradual decline
  • The shift coincides with the homegrown player's hints at listing on a U.S exchange, confirming in its most recent quarterly update that it is working with advisors to explore its options
  • Afterpay shares are up 1.69 per cent, trading at $85.93

Afterpay's (APT) shares dropped to an intraday low of $81.85 on May 13, marking an eight-month low for the buy now, pay later darling.

It marks a sobering turn for a company that enjoyed a 2021 high point in February, when APT shares traded around $154 apiece.

The company's share price looked to be on the up in mid-April — trading around the $125 mark — after being boosted temporarily by a solid quarterly business update and the announcement of a partnership with software company Novatti in New Zealand.

Despite these updates, APT share price has since been in a steady decline, dipping from $114 per share at the beginning of May to close out today at around $85.

It comes as the homegrown player hints at potentially listing on a U.S. exchange, advising that it is currently working with advisors to explore its options.

"While Afterpay intends to remain an Australian-headquartered company, our shareholder base is increasingly becoming more globally focused. A U.S. listing would further accommodate this growing interest," the company explained in a statement.

Notably, North America is now the largest contributor to the Afterpay's underlying sales.

At the end of trading on Friday, May 14, Afterpay shares are up 1.69 per cent, trading at $85.93.

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