October is turning out to be a costly month for payment platforms.
Square Inc.'s (SQ) recent slide has taken almost $13 billion off of the company's valuation in recent weeks. The drop is only being exacerbated today, as news of CFO Sarah Friar's departure helps guide the stock down another 9.5% at mid-day.
The slide has been echoed by chief competitor Paypal Holdings Inc.'s (PYPL) over $15 billion drop over the same period. The stock is getting a reprieve from the market today, trading up about 0.8% as of noon on Thursday.
Yet, while Paypal recovers a bit today, Real Money's in-house technical analyst Bruce Kamich sees more pain ahead for Square.
"SQ is in a correction mode," he wrote in his column this morning. "I want to see renewed buying before approaching the long side again."
He noted that some charts suggest the price could drop all the way to $54 per share, or about half of its highs in September.
CEO Jack Dorsey initiated weekly sales of 103,035 shares of Square staring August 15, according to Nasdaq data.
Some analysts remain confident in a comeback. For now, the charge on their accounts is not simply pennies.