5 Best Cash App Stocks to Invest In

1. Facebook, Inc. (NASDAQ: FB)

Number of Hedge Fund Holders: 257

Topping the list of the 10 best cash app stocks to invest in is Facebook, Inc. (NASDAQ: FB). The California-based tech conglomerate is well-known for its social media platforms. Yet, in 2019, Facebook, Inc. (NASDAQ: FB) launched Facebook Pay, a payment system that allows users to send payments directly by Facebook, Instagram, WhatsApp, and Messenger apps.

On July 14, Facebook, Inc. (NASDAQ: FB) announced that its Facebook Pay service would be offered outside of its social media platforms for the first time in August, debuting with Shopify retailers. Shares of Facebook, Inc. (NASDAQ: FB) jumped 7.24% in the last month.

Facebook, Inc. (NASDAQ: FB) announced an adjusted EPS of $3.61 in the second quarter of 2021, exceeding expectations of $3.03. The company’s second-quarter revenue was $29.08 billion, up 58% year over year and exceeding analysts’ expectations of $27.89 billion. 

On July 29, Truist analyst Youssef Squali kept his Buy rating on Facebook, Inc. (NASDAQ: FB) and increased the firm’s price target to $425 per share from $400, highlighting the company’s AR/VR technology, video, and commerce as important contributing factors.

At the end of the first quarter of 2021, 257 hedge funds in the database of Insider Monkey held stakes worth $40.9 billion in Facebook, Inc. (NASDAQ: FB), up from 242 in the preceding quarter worth $38.2 billion.

Argosy Investors mentioned Facebook, Inc. (NASDAQ: FB) in its Q2 2021 investor letter:

“So how are our largest holdings affected in a world of higher wage inflation? As a general rule, I will evaluate current and potential future holdings on their capital intensivity and their ability to raise prices. Facebook is now (a part of) our top 5 largest equity holdings. I am probably least concerned about Facebook’s ability to thrive during an inflationary period. Because they are so efficient with capital, the market for IT programming labor is already fiercely competitive, and their advertising offering is considered to be very effective (and underpriced for its value), I think Facebook should weather any kind of inflation fairly well.”

You can also take a peek at Reddit’s WallStreetBets is Buying these 10 Stocks for Post-Earnings Gains and 10 Stocks to Buy According to Neil Shahrestani’s Ikarian Capital.

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