5 Best Blockchain Stocks To Buy Now

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1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 269

Amazon.com, Inc. (NASDAQ:AMZN) operates Amazon Managed Blockchain, a completely managed service that makes it convenient to join public networks or manage scalable private networks using the popular open-source frameworks Hyperledger Fabric and Ethereum. Amazon.com, Inc. (NASDAQ:AMZN) is one of the best blockchain stocks to buy now. 

Cowen analyst John Blackledge on December 1 raised the price target on Amazon.com, Inc. (NASDAQ:AMZN) to $160 from $150 and maintained an Outperform rating on the shares. The analyst said he expects lower operating losses excluding AWS and Advertising in 2023 as cost headwinds subside.

Among the hedge funds tracked by Insider Monkey, 269 funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN) at the end of Q3 2022, compared to 252 funds in the earlier quarter. Jaime Sterne’s Skye Global Management is a prominent stakeholder of the company, with 15.5 million shares worth $1.75 billion. 

Baron Funds made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2022 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest e-commerce retailer and cloud services provider. Shares of Amazon increased 6% in the quarter after the company reported strong results with 7% year-over-year revenue growth driven by 33% growth in Amazon Web Services (AWS), Amazon’s leading cloud computing service, while guiding for an acceleration in third quarter revenue growth, which is expected to be between 13% and 17% year-over-year. Amazon’s share of e-commerce is roughly 40%, far ahead of competition, yet domestic e-commerce accounted for only 14.5% of total retail sales (according to U.S. Census Bureau data for the second quarter of 2022), implying durable growth opportunities ahead. Internationally, the opportunity remains large as Amazon still has less than a 2% market share of international retail spending. Its advertising share is also only 3% and growing, underpinned by the structural closed-loop systems it enables (merchants know exactly whether their ad dollars resulted in a purchase since they are all done on the Amazon platform), which enables accurate targeting and measurement. Lastly, AWS has a good runway for growth as the industry still represents only 9.5% out of the $4.3 trillion of global IT spending according to Gartner. Areas such as logistics and health care present additional optionality.”

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You can also take a look at 10 Best Performing Growth Stocks in November and 15 Best Affordable Stocks To Buy Under $30

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