5 Best NFT Stocks to Buy Now

4. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 66

Shopify Inc. (NYSE:SHOP) is a Canadian multinational e-commerce company that helps small businesses to build online stores through one streamlined dashboard. The company reported strong results in the first quarter of 2023, with revenue of $1.5 billion, up 25.8% from the same period last year. Its free cash flow of $86 million represented 6% of its revenues.

Shopify Inc. (NYSE:SHOP) allowed selling NFTs directly through its stores in 2021. Earlier this year, the company allowed its merchants to design, mint, and sell NFTs through its Venly Shopify Merchant App. It is among the best NFT stocks on our list.

At the end of March 2023, 66 hedge funds in Insider Monkey’s database owned investments in Shopify Inc. (NYSE:SHOP), the same as in the previous quarter. The stakes owned by these hedge funds have a collective value of over $2.4 billion.

RiverPark Advisors mentioned Shopify Inc. (NYSE:SHOP) in its Q1 2023 investor letter.  Here is what the firm has to say:

“Shopify Inc. (NYSE:SHOP): Shopify shares were a top contributor in the quarter as the market focused on the company’s recent price increases and its ongoing market share gains in e-commerce gross merchandise volumes (GMV). Earlier in the quarter the company reported better-than-expected 4Q results, with 26% revenue growth and $248 million of FCF (at a 14% margin), significantly better than the Street consensus of -$109 million.

Last year, 10% of US retail e-commerce sales flowed through SHOP, second only to Amazon, and the company is still enjoying significant tailwinds as retail merchants of all sizes adopt SHOP’s software tools to display, manage and sell their products across a dozen different sales channels. We believe that the overall growth of e-commerce, combined with the development of new products and services, such as its digital wallet Shop Pay and its pick, pack and ship Shopify Fulfillment Network, should continue to drive revenue growth of about 20% per year over the next several years, accompanied by re-acceleration of operating margin growth and FCF generation.”