5 Best Cash App Stocks To Buy Now

In this piece, we will take a look at the five best cash app stocks to buy now. For a detailed dive into the digital payments industry, take a look at 12 Best Cash App Stocks To Buy Now.

5. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Investors In Q2 2023: 77

MercadoLibre, Inc. (NASDAQ:MELI) is a Uruguayan company that is headquartered in Montevideo, Uruguay. The firm offers a financial technology platform that allows users to send and receive money. Like Shopify, MercadoLibre, Inc. (NASDAQ:MELI) is also doing well on the financial front since it has beaten analyst EPS estimates in all four of its latest quarters.

During Q2 2023, 77 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in MercadoLibre, Inc. (NASDAQ:MELI). Out of these, the firm’s biggest shareholder is David Blood and Al Gore’s Generation Investment Management since it owns 580,023 shares that are worth $687 million.

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

Number of Hedge Fund Investors In Q2 2023: 86

PayPal Holdings, Inc. (NASDAQ:PYPL) is one of the most well known digital payments providers in the world which offers the ability to make and receive payments online. The firm expanded its digital portfolio in October after it announced that PayPal and Venmo cards can now be used with the Apple Wallet.

As of June 2023, 86 hedge funds among the 910 tracked by Insider Monkey were the firm’s investors. PayPal Holdings, Inc. (NASDAQ:PYPL)’s largest hedge fund stakeholder is Ken Fisher’s Fisher Asset Management due to its $392 million stake.

3. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Investors In Q2 2023: 112

Alibaba Group Holding Limited (NYSE:BABA) is a Chinese technology behemoth. Among the countless products and services in its portfolio is AliPay, which allows digital payments through smartphones. A steady recovery in China after lock down restrictions were lifted has helped Alibaba Group Holding Limited (NYSE:BABA) since it has beaten analyst EPS estimates in all four of its latest quarters.

By the end of this year’s second quarter, 112 out of the 910 hedge funds part of Insider Monkey’s database had bought Alibaba Group Holding Limited (NYSE:BABA)’s shares. David Tepper’s Appaloosa Management LP is the biggest investor among these since it owns $372 million worth of shares.

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Investors In Q2 2023: 135

Apple Inc. (NASDAQ:AAPL) is the largest technology company in the world. Over the years, its robust Services business division has expanded to include Apple Wallet and Apple Pay – allowing users to manage payments from the iPhone. Apple Inc. (NASDAQ:AAPL)’s CEO Mr. Tim Cook made history in October after a SEC filing revealed that he had sold a whopping $41 million of shares in a single go.

After digging through 910 hedge fund holdings for 2023’s June quarter, Insider Monkey discovered that 135 had invested in the company. Warren Buffett’s Berkshire Hathaway is Apple Inc. (NASDAQ:AAPL)’s largest shareholder since it owns a massive $177 billion stake.

1. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Investors In Q2 2023: 204

Alphabet Inc. (NASDAQ:GOOGL) is another technology behemoth. It offers the Google Wallet app on Android to allow users to make payments. Alphabet Inc. (NASDAQ:GOOGL)’s shares continued to be rated as Strong Buy on average, despite worries of a slowing economy and potentially due to the potential of AI to help the company.

204 out of the 910 hedge funds tracked by Insider Monkey had bought Alphabet Inc. (NASDAQ:GOOGL)’s shares as of Q2 2023. Out of these, the firm’s biggest stakeholder is Ken Fisher’s Fisher Asset Management since it owns 42.7 million shares that are worth $5.1 billion.

Disclosure: None. You can also take a look at Top 30 Most Hated Countries in the World and 10 Stocks that will Bounce Back According to Reddit.

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