5 Best Cryptocurrency Stocks To Buy According To Hedge Funds

2. PayPal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 143

PayPal Holdings, Inc. (NASDAQ:PYPL) is a financial services company that facilitates online money transfers and has recently allowed users to checkout with cryptocurrencies as well. The company stands second on our list of the best cryptocurrency stocks to buy according to hedge funds.

Since the beginning of the year, PayPal Holdings, Inc. (NASDAQ:PYPL) delivered a 17.15% return to shareholders, while the stock gained 34.5% in the past year. This September, DA Davidson lifted its price target on PayPal Holdings, Inc. (NASDAQ:PYPL) to $325, while keeping a Buy rating on the shares.

As of Q2 2021, Codex Capital is the leading shareholder of PayPal Holdings, Inc. (NASDAQ:PYPL), with shares worth $9.5 billion. In addition to this, 143 hedge funds tracked by Insider Monkey have stakes in the company in Q2, the same as in the previous quarter. These stakes are valued at $16.3 billion.

Wedgewood Partners mentioned PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q2 2021 investor letter. Here is what the firm has to say:

“Top performance detractors for the first quarter include PayPal. PayPal reported +40% growth in total payment volume to $311 billion during the second quarter’s most recent report. In spite of this impressive growth, the stock detracted from performance as the market became overly concerned about the pace at which its legacy eBay business rolled off. Despite the stock’s premium valuation, we continue to hold PayPal as a core position and think eBay represents short-term noise in PayPal’s longer-term drive to become a “super-app” with payments at its core.”