By Rebecca Borison, Reporter at TheStreet:

PayPal has finally severed its ties with eBay (EBAY), and is now trading as an independent company on the NASDAQ. Each eBay shareholder received one share of PayPal common stock per eBay share. Shares are now trading around $40, above the “when-issued” price of $38 a share. When-issued trading began on July 6, valuing PayPal at around $47 billion. At current prices, PayPal is valued at $50.5 billion.

“I think Paypal could easily trade to $50 based on the 2016 earnings estimates I saw today,” said TheStreet’s / CNBC’s Jim Cramer, “It will become the de facto way to pay the burgeoning payments category.”

Still, investors may want to hold off and let the hype die down, says Jonathan Morgan, deals analyst at The Edge Consulting Group. “You need to get in pre-spin in order to really get the value of the situation because everyone’s looked at this already and you may have missed out,” he said in an interview. He advises investors to wait for the price to come down before buying.

Get the eBay / PayPal report here…