5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

In this article, we discuss 5 best cryptocurrency stocks to buy according to hedge funds. If you want to see more stocks in this selection, check out 10 Best Cryptocurrency Stocks to Buy According to Hedge Funds. 

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Apple Inc. (NASDAQ:AAPL) users can trade in crypto using Apple Pay and the company has announced that it is now supporting the Ripple Interledger Protocol. Apple Inc. (NASDAQ:AAPL) might even leap into the cryptocurrency space by providing Apple users a way to mine coins through their IOS/OS devices. Apple Inc. (NASDAQ:AAPL) is one of the favorite cryptocurrency stocks of smart investors. 

On December 1, Piper Sandler analyst Harsh Kumar trimmed forecasts for Apple Inc. (NASDAQ:AAPL) primarily due to iPhone supply constraints from shutdowns in Zhengzhou, China. He slashed his revenue forecast for the December quarter to $119 billion from $127.3 billion and assumed a reduction of 9 million handset units primarily for the new models manufactured in November. However, the analyst observed that COVID restrictions have since been relaxed. He believes Apple Inc. (NASDAQ:AAPL) “remains a formidable brand” and reiterated an Overweight rating on the shares with a $195 price target despite this “temporary reduction from unforeseen events.”

Among the hedge funds tracked by Insider Monkey, 140 funds reported owning stakes in Apple Inc. (NASDAQ:AAPL) at the end of September, compared to 128 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the biggest stakeholder of the company, with a position worth $123.6 billion. 

Here is what Wedgewood Partners specifically said about Apple Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter:

“Apple Inc. (NASDAQ:AAPL) grew revenues +5% (foreign exchange adjusted and excluding Russia) driven by record iPhone revenues that were up about +3% on an exceptional year ago comparison of +50%. Apple’s installed base is over 1.8 billion devices which helps drive a software and services business that has generated almost $80 billion of revenue over the past 4 quarters. As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially ICs) as well as software, continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”