In this article, we discuss the 5 best digital currency stocks to buy now. If you want to read about some more digital currency stocks to buy now, go directly to 10 Best Digital Currency Stocks To Buy Now.
5. Block, Inc. (NYSE:SQ)
Number of Hedge Fund Holders: 72
Block, Inc. (NYSE:SQ) creates tools that enable sellers to accept card payments and provides reporting, analytics, and next-day settlement. It is one of the premier digital money stocks to invest in. On September 22, the company announced that it would be integrating with Afterpay in Canada in order to provide enhanced functionality to sellers using the e-commerce products of the former. The integration will allow Square sellers in Canada to provide Afterpay BNPL offerings to their customers. The firm said the strategy would help to attract new shoppers and increase revenue.
On September 23, JPMorgan analyst Tien-tsin Huang maintained an Overweight rating on Block, Inc. (NYSE:SQ) stock with a price target of $115, backing the firm to do the right thing with regards to managing growth and profitability.
Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm ARK Investment Management is a leading shareholder in Block, Inc. (NYSE:SQ), with 9.1 million shares worth more than $799.5 million.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Block, Inc. (NYSE:SQ) was one of them. Here is what the fund said:
“Block, Inc. (NYSE:SQ) provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”
4. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 84
NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing, and networking solutions. It is one of the top digital money stocks to invest in. On September 21, Jensen Huang, the CEO of the firm, eased investor concerns around US export restrictions to China, saying that restrictions placed on Nvidia by the US government should likely not impact the company that much. The executive even added that the new regulations would allow the chipmaker to expand presence in the Chinese market, which had a large opportunity for semi firms.
On August 8, Oppenheimer analyst Rick Schafer maintained an Outperform rating on NVIDIA Corporation (NASDAQ:NVDA) stock and lowered the price target to $250 from $300, noting that there was a weakness in PC and gaming unit sales for the firm.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA), with 17.7 million shares worth more than $2.7 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:
“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them were large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.
NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over the health of the consumer, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…(read more)”
3. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of Hedge Fund Holders: 97
PayPal Holdings, Inc. (NASDAQ:PYPL) operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. The firm is among the best digital money stocks to invest in. In late August, the company announced that it would be teaming up with National Philanthropic Trust and Vanguard Charitable to launch Grant Payments. The product allows Donor-Advised Fund sponsors, community foundations, and other grant-makers to deliver grants to charities electronically via the payments system of PayPal.
On September 26, Canaccord analyst Joseph Vafi maintained a Buy rating on PayPal Holdings, Inc. (NASDAQ:PYPL) stock with a price target of $160, citing the upcoming Pay with Venmo launch on Amazon as the next catalyst for PayPal shares.
Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in PayPal Holdings, Inc. (NASDAQ:PYPL), with 17 million shares worth more than $1.2 billion.
In its Q2 2022 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and PayPal Holdings, Inc. (NASDAQ:PYPL) was one of them. Here is what the fund said:
“This quarter, we bought shares in PayPal (NASDAQ:PYPL), the payments platform. PayPal has been one of the more high-profile victims of the market’s brutal ruthlessness over the past few months, and the stock fell by over two thirds between its peak in July to the beginning of March this year. As we progressed PayPal through the Mayar Checklist Process, we identified a business with a leadership position in a structurally growing market.
The company benefits from certain network effects and faces several competitive threats at the same time. As the business profited from the move to online retail during the pandemic, as well as from the stimulus cheques handed out in the US, the stock price soared to absurd levels. As so often happens, however, the market had overcorrected by February and this quarter was offering prospective shareholders prices that assumed essentially zero growth in the business. When life gives you irrational sellers, make lemonade!”
2. Mastercard Incorporated (NYSE:MA)
Number of Hedge Fund Holders: 137
Mastercard Incorporated (NYSE:MA) is a technology company that provides transaction processing and other payment-related products and services. On September 22, the company announced that it had provided Hamilton Reserve Bank cross-border payment capabilities to facilitate real-time customer payments in more than 100 countries. Hamilton is based in the Caribbean and expects to process over 20,000 transfers a month in the near future. The partnership allows Mastercard to grow in the region.
On September 2, Deutsche Bank analyst Bryan Keane maintained a Buy rating on Mastercard Incorporated (NYSE:MA) stock with a price target of $440, noting the firm thought that the blockchain technology was here to stay.
At the end of the second quarter of 2022, 137 hedge funds in the database of Insider Monkey held stakes worth $14.99 billion in Mastercard Incorporated (NYSE:MA), compared to 136 in the previous quarter worth $15.4 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Mastercard Incorporated (NYSE:MA) was one of them. Here is what the fund said:
“The Fund’s holdings in the Payments and Information Services themes also contributed to relative performance. Within Payments, lower exposure to this lagging theme and outperformance of Mastercard Incorporated (NYSE:MA) added the most value. These global payment networks are viewed as safe havens during market downturns but are also benefiting from resilient payment volumes and a sharp rebound in international travel.”
1. Visa Inc. (NYSE:V)
Number of Hedge Fund Holders: 166
Visa Inc. (NYSE:V) operates as a payments technology company worldwide. The firm features on the list of best digital money stocks to invest in. On September 22, the company announced that it would be partnering with Finastra for a Banking as a Service (or BaaS) collaboration to co-develop new functionality on the Payments Hub solutions and implement Visa Direct program. The new capability will give the bank customers of the latter access to cross-border payout capabilities in multiple currencies and countries.
On July 29, Mizuho analyst Dan Dolev maintained a Neutral rating on Visa Inc. (NYSE:V) stock and raised the price target to $220 from $215, noting that US debit growth was stronger at the payments company in the second quarter.
At the end of the second quarter of 2022, 166 hedge funds in the database of Insider Monkey held stakes worth $24 billion in Visa Inc. (NYSE:V), compared to 159 in the preceding quarter worth $28 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Visa Inc. (NYSE:V) was one of them. Here is what the fund said:
“The Fund’s holdings in the Payments and Information Services themes also contributed to relative performance. Within Payments, lower exposure to this lagging theme and outperformance of Visa, Inc. (NYSE:V). These global payment networks are viewed as safe havens during market downturns but are also benefiting from resilient payment volumes and a sharp rebound in international travel.”
You can also take a peek at Best Cloud Stocks To Buy and Best Delivery Stocks To Buy.
