5 Best NFT Stocks to Buy Now

3. Mattel, Inc. (NASDAQ: MAT)

Number of Hedge Fund Holders: 25  

Mattel, Inc. (NASDAQ: MAT) is a California-based firm that makes and sells toys and other consumer products. It is ranked third on our list of 10 best NFT stocks to buy now. It was founded in 1945 and has a market cap of over $7.6 billion. On June 17, news publication The New York Times reported that the firm would soon launch a small offering on NFTs. The offering would consist of an auction of three pieces of digital art using blockchain-based NFTs. The firm recently beat market expectations on earnings per share and revenue.   

On July 28, investment advisory JPMorgan maintained an Overweight rating on Mattel, Inc. (NASDAQ: MAT) stock and raised the price target to $28 from $27, underlining the strong earnings beat of the firm in the second quarter. 

At the end of the first quarter of 2021, 25 hedge funds in the database of Insider Monkey held stakes worth $872 million in Mattel, Inc. (NASDAQ: MAT), the same as in the preceding quarter worth $858 million. 

Longleaf Partners Fund, in its Q1 2021 investor letter, mentioned Mattel, Inc. (NASDAQ: MAT). Here is what the fund has to say in its letter:

“Mattel (14%, 0.87%), the global toy company, also contributed to the Fund’s positive returns. Fourth quarter sales grew 10%, with Barbie once again leading with an impressive 18% growth, American Girl up 9% due to direct-to-consumer strength, Hot Wheels up 12% and Infant/Toddler growing 7%. Margins also improved to increase EBITDA 53% year-over-year (YoY) during the company’s all-important seasonal peak. CEO Ynon Kreiz’s outlook for 2021-23 includes achievable targets of mid-single-digit revenue growth and continuously improving margins. Mattel’s strategically important IP monetization has also developed well with no fewer than 25 media projects in the works. We expect significant contributions from these high-margin IP revenues over the next several years and do not think the market yet gives the company credit for the scale of this opportunity.”