5 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into

2. Paysafe Limited (NYSE: PSFE)

Number of Hedge Fund Holders: 41  

Paysafe Limited (NYSE: PSFE) is a company that provides digital payments solutions to businesses. It is placed second on our list of 10 Reddit’s WallStreetBets meme stocks hedge funds are piling into. The company’s shares have offered investors returns exceeding 2% over the course of the past week. The firm recently joined the Russell 3000 Index and has been one of the most mentioned stocks on Reddit forums over the past few weeks. On June 25, the share price of the firm jumped 14% as funds tracking Russell 3000 geared up to buy the stock.

On June 28, investment advisory Cowen initiated coverage on Paysafe Limited (NYSE: PSFE) stock with an Outperform rating and a price target of $15, noting the business-to-business revenue stream of the firm as the key that was keeping it ahead of the competition. 

At the end of the first quarter of 2021, 41 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Paysafe Limited (NYSE: PSFE).