5 Best Digital Money Stocks to Invest In

4. Square, Inc. (NYSE: SQ)

Number of Hedge Fund Holders: 92

Square, Inc. (NYSE: SQ) is a creator of tools to enable sellers to accept card payments and provides reporting and analytics alongside next-day settlement. The company’s hardware products such as the Magstripe reader enable swiped transactions of magnetic strip cards, and it offers a range of related products and services. It ranks 4th on our list of the best digital money stocks to invest in.

Wells Fargo has commented this June that the eWallet growth in recent years will lead to companies like Square, Inc. (NYSE: SQ) gaining the most, especially as Square, Inc. (NYSE: SQ) itself has its own proprietary wallet app. The stock has also received a Buy rating and a $275 price target from D.A. Davidson, with analyst Christopher Brendler calling Square, Inc. (NYSE: SQ) the best fintech disruption.

Square, Inc. (NYSE: SQ) CEO Jack Dorsey has also mentioned that the company might be making a hardware wallet for bitcoin, resulting in a rise in the stock’s popularity this June. In the first quarter of 2021, Square, Inc. (NYSE: SQ) had an EPS of $0.41, beating estimates by $0.25. The company’s revenue was $5.06 billion, up 266.17% year over year and beating estimates by $1.71 billion, and it has a gross profit margin of 24.07%. The stock has gained 5.48% in the past 6 months and 14.22% year to date.

As of the end of the first quarter of 2021, 92 hedge funds out of the 866 tracked by Insider Monkey held stakes in Square, Inc. (NYSE: SQ), worth roughly $9.202 billion. This is compared to 89 hedge funds in the previous quarter, with a total stake value of about $8.81 billion.