Stocks On The Rise: 5 Best To Buy Now

2. PayPal Holdings, Inc. (NASDAQ: PYPL)

Number of Hedge Fund Holders: 143  

PayPal Holdings, Inc. (NASDAQ: PYPL) is ranked second on our list of the stocks on the rise and the 15 best to buy now. The company markets financial technology services and is based in California. On August 10, the company announced that it would be launching a new feature called Cash Back to Crypto that would allow Venmo credit card holders to purchase crypto directly through their Venmo accounts. The company recently beat market expectations on earnings per share for the second quarter by $0.03. 

On July 29, investment advisory Morgan Stanley reaffirmed an Overweight rating on PayPal Holdings, Inc. (NASDAQ: PYPL) stock and raised the price target to $340 from $337, noting that there were several positive indicators of growth for the firm in the coming months.

At the end of the first quarter of 2021, 143 hedge funds in the database of Insider Monkey held stakes worth $14.7 billion in PayPal Holdings, Inc. (NASDAQ: PYPL), down from 147 in the preceding quarter worth $15.9 billion.

In its Q4 2020 investor letter, Polen Capital Management, an asset management firm, highlighted a few stocks and PayPal Holdings, Inc. (NASDAQ: PYPL) was one of them. Here is what the fund said:

“For the full year 2020, one of the top performers was PayPal, which we purchased in 2019, the company continues to take market share in digital payments and has seen an acceleration in user adoption and engagement, especially within their “silver tech” or older user demographic. We expect many more years of ongoing double-digit growth from their various business segments and new initiatives.”