5 Best Cryptocurrency Stocks To Buy According To Hedge Funds

1. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 177

As of the top companies in payments technology, Visa Inc. (NYSE:V) provides a cryptocurrency consulting service to its customers and has invested in various crypto platforms to promote the widespread acceptance of digital currencies. Visa Inc. (NYSE:V) is a recommended stock to keep an eye on for those interested in cryptocurrency. On January 26, the company reported a FQ1 non-GAAP EPS of $2.18 and a revenue of $7.9 billion, outperforming Wall Street estimates by $0.17 and $200 million, respectively. 

According to a research note by Jefferies analyst Trevor Williams, Visa Inc. (NYSE:V) recently released an update on its performance indicators for February, which was viewed as largely positive. The company reported that payment volumes in the United States were similar to those in January over a four-year period, indicating continued consumer strength in the US, while cross-border volumes increased. Based on trends observed so far in the quarter, the analyst predicts that there will be a minimum of 3% improvement in Street estimates for both international transaction fees and data processing. Jefferies maintained a Buy rating on Visa Inc. (NYSE:V)’s shares and set a $260 price target on March 3. 

In the fourth quarter of 2022, Visa Inc. (NYSE:V) was part of 177 hedge fund portfolios, compared to 165 in the prior quarter. Andreas Halvorsen’s Viking Global is one of the biggest stakeholders of the company, with 5.7 million shares worth $1.20 billion. 

Baron FinTech Fund made the following comment about Visa Inc. (NYSE:V) in its Q4 2022 investor letter:

“Shares of global payment network Visa Inc. (NYSE:V) increased after reporting strong quarterly results, with 19% growth in revenue and EPS despite currency headwinds and the suspension of operations in Russia. Payment volume grew 16% in local currency (excluding Russia and China) with notable strength in cross-border volumes driven by rebounding international travel. Management also provided encouraging guidance for the next fiscal year. We continue to own the stock due to Visa’s long runway for growth and significant competitive advantages.”

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