5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153

Alphabet Inc. (NASDAQ:GOOG) CEO Sundar Pichai announced in early 2022 that the company is exploring crypto and blockchain potential. The company also invested around $1.5 billion in the blockchain sector between September 2021 and June 2022, making Alphabet Inc. (NASDAQ:GOOG) one of the best cryptocurrency stocks to buy according to hedge funds. 

On August 3, Tigress Financial analyst Ivan Feinseth raised the price target on Alphabet Inc. (NASDAQ:GOOG) to $186 from $183 and maintained a Strong Buy rating on the shares, citing his view that recently reported Q2 results reflect the resiliency of its primary business in Cloud and Search. Additionally, continuous investment in Artificial Intelligence will support “increasingly focused and helpful experiences for users and businesses”.

Among the hedge funds tracked by Insider Monkey, Harris Associates is a significant stakeholder of Alphabet Inc. (NASDAQ:GOOG), with 1.75 million shares worth $3.8 billion. Overall, 153 hedge funds were bullish on the stock at the end of Q2 2022, compared to 160 funds in the prior quarter. 

Here is what Baron Durable Advantage Fund has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q2 2022 investor letter:

“Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising company. Shares of Alphabet declined 21.6% in the quarter due to concerns about slower global growth impacting the company’s core advertising business. We retain conviction in Alphabet’s merits as it continues to benefit from growth in mobile and online video advertising, which accrues to its core assets of search, YouTube, and the Google ad network. We are further encouraged by Alphabet’s investments in Cloud, AI, and Autonomous Driving (through its Waymo subsidiary).”