In this article, we discuss 5 of the biggest gig economy companies by market cap. If you want to see more of the biggest gig economy companies by market cap, go directly to the 16 Biggest Gig Economy Companies In The World.
05. Shopify Inc. (NYSE:SHOP)
Market Capitalization as of November 3, 2022: $43.54 billion
Number of Hedge Fund Holders as of Q2, 2022: 60
Shopify Inc. (NYSE:SHOP) was incorporated in 2004 and is headquartered in Ottawa, Canada. Shopify Inc., an ecommerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. Shopify Inc. (NYSE:SHOP) platform enables merchants to display, manage, market, and sell their products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.
On October 28, Wells Fargo analyst Jeff Cantwell raised his price target on Shopify Inc. (NYSE:SHOP) to $42 from $38 and kept an Overweight rating on the shares.
04. Uber Technologies, Inc. (NYSE:UBER)
Market Capitalization as of November 3, 2022: $52.61 billion
Number of Hedge Fund Holders as of Q2, 2022: 129
Uber Technologies, Inc. (NYSE:UBER) was founded in 2009 and is based in San Francisco, California. Uber Technologies, Inc. (NYSE:UBER) develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It connects consumers with independent providers of ride services for ridesharing services. It also connects riders and other consumers with restaurants, grocers, and other stores with delivery service providers for meal preparation, grocery, and other delivery services.
Uber Technologies, Inc. (NYSE:UBER), like the majority of other gig economy companies, derives its value from its network of drivers, riders, eateries, and retail establishments. It can quickly match drivers with gigs and restaurants with diners, which allows it to charge a commission. Most of the money customers pay Uber Technologies, Inc. (NYSE:UBER) goes to its drivers, restaurants, and shops, with some going to Uber itself.
03. Airbnb, Inc. (NASDAQ:ABNB)
Market Capitalization as of November 3, 2022: $68.37 billion
Number of Hedge Fund Holders as of Q2, 2022: 57
Airbnb, Inc. (NASDAQ:ABNB) was founded in 2007 and is located in San Francisco, California. Airbnb, Inc. (NASDAQ:ABNB), together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide. Airbnb, Inc. (NASDAQ:ABNB) marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms, primary homes, or vacation homes.
When Covid-19 was at its worst, Airbnb, Inc. (NASDAQ:ABNB) suffered greatly, just like other travel-related firms. It adjusted as best it could, with some hosts providing “work from home office space” and others marketing their rentals as a COVID-safe substitute for a crowded hotel. By the middle of 2021, Airbnb’s revenue had fully increased to the levels seen in 2019. On November 2, Cowen analyst Kevin Kopelman lowered his price target on Airbnb, Inc. (NASDAQ:ABNB) to $125 from $140 and kept an Outperform rating on the shares.
02. PayPal Holdings, Inc. (NASDAQ:PYPL)
Market Capitalization as of November 3, 2022: $96.66 billion
Number of Hedge Fund Holders as of Q2, 2022: 97
PayPal Holdings, Inc. (NASDAQ:PYPL) is a fintech company that specializes in online payments and offers gig workers business management services. It is one of the most significant gig economy stocks because many organizations offer freelance contracts and pay the underlying service providers using PayPal. PayPal Holdings, Inc. (NASDAQ:PYPL) was founded in 1998 and is based in San Jose, California. PayPal Holdings, Inc. (NASDAQ:PYPL) operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. PayPal Holdings, Inc. (NASDAQ:PYPL) provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, and Paidy names. The company’s payments platform allows consumers to send and receive payments in approximately 200 markets and approximately 100 currencies, withdraw funds to their bank accounts in 56 currencies, and hold balances in their PayPal accounts in 25 currencies.
On November 4, Barclays analyst Ramsey El-Assal lowered his price target on PayPal Holdings, Inc. (NASDAQ:PYPL) to $100 from $125 and kept an Overweight rating on the shares.
01. Intuit Inc. (NASDAQ:INTU)
Market Capitalization as of November 3, 2022: $120.5 billion
Number of Hedge Fund Holders as of Q2, 2022: 75
On the top of our list of 15 biggest gig economy companies in the world is Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) was founded in 1983 and is based in Mountain View, California. Intuit Inc. (NASDAQ:INTU) provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. Intuit Inc. (NASDAQ:INTU) operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProConnect.
The taxation system comes as a culture shock to new gig workers. Tax preparation software from Intuit Inc. (NASDAQ:INTU), though, helps lessen the blow. Intuit Inc. (NASDAQ:INTU) is a gig economy stock to buy on the cheap, as it has lost roughly 40% of its market value this year. With the increasing demand for its tax and accounting software from independent contractors and small-business owners, Intuit Inc. (NASDAQ:INTU) continues to profit from the growth of the gig economy.
You can also take a look at the 20 Most Admired Companies in the World in 2022 and the 15 Biggest Dow Companies By Market Cap.
