10 Most Promising New Technology Stocks According to Hedge Funds

8. Joint Stock Company Kaspi.kz (NASDAQ:KSPI) 

Number of Hedge Funds: 26

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is a leading financial technology and e-commerce platform in Kazakhstan, making significant advancements in the digital landscape. The company offers a robust suite of services that includes payments, marketplace solutions, and fintech offerings, all designed to enhance user experience and engagement.

It became the first Kazakhstan-based company to list in the US in January 2024. The company has been posting robust financial results. During the fiscal third quarter of 2024, Joint Stock Company Kaspi.kz (NASDAQ:KSPI) grew its consolidated revenue by 28% and net income by 18%, year-over-year. Revenue growth was fueled by a robust performance across the board, with the marketplace taking the lead after growing its revenue by 43% during the same time.

Payments and Marketplace segment combined accounted for 68% of the total net income. Management has been focused on scaling its marketplace platform in the top 3 largest cities of Kazakhstan. As a result of this strategy, the company grew its e-grocery gross merchandising value (GMV) by 88%. Moreover, active customers on the platform increased from 422,000 in Q3 2023 to 725,000 in the recent quarter.

It is one of the most promising new technology stocks according to hedge funds as the stock was held by 26 hedge funds in Q3 2024, as per Insider Monkey’s database.