In this article we discuss the 5 best blockchain stocks to buy If you want to read our detailed analysis of these companies, go directly to the 10 Best Blockchain Stocks to Buy.
Best Blockchain Stocks to Buy
5. Square, Inc. (NYSE: SQ)
Number of Hedge Fund Holders: 89
Square, Inc. (NYSE: SQ) contributes to the payments industry by providing hardware solutions that help sellers integrate card payments into their businesses. The company is swiftly increasing exposure to cryptocurrencies and blockchain.
Of the 887 hedge funds tracked by Insider Monkey, 89 held long positions in Square at the end of 2020, compared to 73 funds having stakes in the company in the previous quarter.
4. Intel Corporation (NASDAQ: INTC)
Number of Hedge Fund Holders: 72
Intel Corporation (NASDAQ: INTC) is a technology company known for its computer chips. However, it also makes solutions that support various other segments such as connected devices and technologies that support cloud services and machine learning, among others.
Alger Spectra Fund, in their Q1 2021 investor letter, mentioned Intel Corporation (NASDAQ: INTC). Here is what Alger Spectra Fund has to say about Intel Corporation in its letter:
“Short exposure to Intel also detracted from performance. Intel designs and manufactures semiconductors for the computing and communications industries. Intel’s proprietary intellectual strength and manufacturing prowess versus the competition is deteriorating, which is causing the company to lose market share and profit opportunities. The short position detracted from portfolio returns as the share price reacted positively to the announcement of Pat Gelsinger being hired as chief executive officer, a stronger-than-anticipated quarterly earnings report driven by unusually robust PC sales that we believe are unsustainable and the unveiling of “Intel Unleashed,” a new long-term program to help improve manufacturing and spur innovation. This program involves opening two fabrication plants in Arizona, which confirms Intel’s commitment to continue as an integrated design manufacturer. Importantly, Intel continues to experience issues with its next generation server chips which are disadvantaging Intel versus the competition.”
3. Nvidia Corporation (NASDAQ: NVDA)
Number of Hedge Fund Holders: 88
Nvidia Corporation (NASDAQ: NVDA) is known for making graphics cards, especially for the gaming industry, but it also makes computing and networking hardware. Its graphics cards are popular with crypto miners, leading to shortages for the gaming industry.
The company reported that it earned $5.00 billion record revenue in its fiscal first quarter ended January 31, a 61% gain from the $3.11 billion revenue it reported for the corresponding quarter in 2020. The bulk of the revenue was from its data center and gaming segments.
2. Paypal Holdings, Inc. (NASDAQ: PYPL)
Number of Hedge Fund Holders: 147
Paypal Holdings, Inc. (NASDAQ: PYPL) is one of the leading companies in the global remittance industry. It recently enjoyed a stock price boost thanks to government stimulus payments and an increase in Bitcoin transactions. It was also highly favored by the booming e-commerce boost as transactions. It is ranked as one of the best blockchain technology stocks because of its growing involvement with cryptocurrencies.
PayPal reported a 29% revenue gain to $6.03 million for Q1 2020 after its Honey Science acquisition.
Paypal Holdings, Inc. (NASDAQ: PYPL) recently announced a partnership with FlexiLoans.com to provide more financial flexibility to MSMEs in the form of working capital.
1. Tesla, Inc. (NASDAQ: TSLA)
Number of Hedge Fund Holders: 68
Tesla, Inc. (NASDAQ: TSLA) is a battery and EV manufacturer. It tops our list of best blockchain stocks to buy now because of the company’s exposure to cryptocurrencies. The company earlier this year announced through an SEC filing that it acquired Bitcoin to maximize cash returns and attain more flexibility and diversity.
Tesla also announced recently that customers will soon be able to use Bitcoin to purchase its products. The company’s Q1 2021 financial report revealed that it managed to generate $10.39 billion revenue which was higher than its $5.99 billion Q1 2020 revenue. Its adjusted earnings per share in Q1 2021 was 93 cents per share, which was higher than the 80 cents expected earnings and 23 cents YoY.
You can also take a peek at 10 Best Aggressive Stocks to Buy Now and 15 Best Beaten Down Stocks To Buy Now.
