Zip (ASX:Z1P) share price gaining on Friday

The Zip share price making a comeback after tumbling on Thursday.

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The Zip Co Ltd (ASX: Z1P) share price looking to finish the week on a positive note after a sharp selloff on Thursday.

At the time of writing, the Zip share price is up 2.86% to $7.19.

Tech sector and large cap BNPL shares making headway on Friday

The S&P/ASX Information Technology (INDEXASX: XIJ) index is pushing higher on Friday, up 1.63%.

In addition, leading ASX-listed BNPL shares are also making gains alongside the Zip share price.

Headlining the gains is the Afterpay Ltd (ASX: APT) share price, rallying 3.07% to $109.09.

The Sezzle Inc (ASX: SZL) share price is also eking out some gains, up 0.62% to $8.12.

Despite the larger end of the BNPL town making headway on Friday, the same can’t be said about the smaller BNPL players.

Splitit Ltd (ASX: SPT), Openpay Group Ltd (ASX: OPY), Laybuy Holdings Ltd (ASX: LBY) and Humm Group Ltd (ASX: HUM) have all failed to bounce on Friday, falling 0.94%, 2.99%, 1.08% and 1.01% respectively.

What happened to the Zip share price yesterday?

The Zip share price took a 7.9% tumble on Thursday after the release of its quarterly update.

The company delivered classic triple digit growth across key performance metrics, including a 116% year-on-year increase in quarterly total transaction volume to $1.8 billion and a 104% increase in quarterly revenue to $129.9 million.

Despite a well-rounded announcement with strong growth figures and continued geographic expansion, it might have missed lofty broker expectations.

The selling pressure on Thursday witnessed just over 30 million Zip shares change hands, compared to its 10-day average of about 13.6 million shares.

Should you invest $1,000 in Zip right now?

Before you consider Zip, you'll want to hear this.

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*Returns as of August 16th 2021

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.

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