5 Best Metaverse Stocks to Buy

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153

Alphabet Inc. (NASDAQ:GOOG) is an interactive media and services company among the Big Five tech giants in the market. The company has begun building its operating system for metaverse headsets under its Project Iris, and is investing large sums in metaverse projects generally. It is based in Mountain View, California.

Stephen Ju at Credit Suisse holds an Outperform rating on shares of Alphabet Inc. (NASDAQ:GOOG) as of October 11. The analyst also placed a $134 price target on the stock.

Alphabet Inc. (NASDAQ:GOOG) shares have been on the rise in October, rising 1.4% in early trading on October 18.

There were 153 hedge funds long Alphabet Inc. (NASDAQ:GOOG) in the second quarter, and 160 hedge funds long the stock in the previous quarter. Their total stake values were $22.3 billion and $29.7 billion, respectively.

Ensemble Capital Management, an investment management company, mentioned Alphabet Inc. (NASDAQ:GOOG) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Alphabet Inc. (NASDAQ:GOOG) (-12.2%): While Google’s advertising business has been far more resilient than the overall online ad industry, second quarter results showed slowing demand. After starting the year hiring at a 20% annualized growth rate, Google has greatly slowed hiring as online advertising demand has slowed abruptly.”