5 Fintech Stocks Getting Hammered Amid Economic Weakness

4. Bill.com Holdings, Inc. (NYSE:BILL)

YTD Share Price Decline as of July 28: 44.14%

Number of Hedge Fund Holders: 58

Bill.com Holdings, Inc. (NYSE:BILL) was founded in 2006 and is headquartered in San Jose, California. The company provides cloud-based software that simplifies, digitizes, and automates back-office financial operations for small and medium-sized businesses worldwide. The stock has declined more than 44% year to date as of July 28. Oppenheimer analyst Ken Wong on July 26 initiated coverage of Bill.com Holdings, Inc. (NYSE:BILL) with an Outperform rating and a $150 price target. The analyst thinks Bill.com Holdings, Inc. (NYSE:BILL)’s software-as-a-service technology is “best-in-class and early in its adoption cycle with a very lightly penetrated total addressable market”.

According to Insider Monkey’s data, Bill.com Holdings, Inc. (NYSE:BILL) was part of 58 hedge fund portfolios at the end of Q1 2022, down from 65 funds in the prior quarter. Gabriel Plotkin’s Melvin Capital Management is the leading position holder in the company, with 1.62 million shares worth roughly $368 million. 

Here is what Alger Mid Cap Focus Fund has to say about Bill.com Holdings, Inc. (NYSE:BILL) in its Q4 2021 investor letter:

“Bill.com Holdings, Inc., was among the top detractors from performance. Bill.com provides cloud-based software solutions that simplify, digitize, and automate complex back-office financial operations for small and medium size businesses. Its software helps customers to generate and process invoices, streamline approvals, send and receive payments, synchronizing data with their accounting system and manage their cash.”