5 Best Cryptocurrency Stocks To Buy Now

1. Paypal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 100

Paypal Holdings, Inc. (NASDAQ:PYPL) has been a leading financial services provider for decades and is also among the pioneers of digital payments platforms. The company facilitates cryptocurrency transactions on its digital payments app and allows users to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Paypal Holdings, Inc. (NASDAQ:PYPL) is also working on launching its own stable coin and is on its way to becoming a leading name in the cryptocurrency industry.

On April 28, Canaccord analyst Joseph Vafi cut his price target on PayPal Holdings, Inc. (NASDAQ:PYPL) to $160 from $215 but reiterated a Buy rating on the shares. Vafi remains bullish on the stock regardless of slow business. The analyst sees multiple catalysts driving the company’s growth including the nearing of the launch of Venmo as a payment option on Amazon, and strong demand growth for Braintree, BNPL, Crypto, and personal finance.

At the close of Q1 2022, 100 hedge funds were long Paypal Holdings, Inc. (NASDAQ:PYPL) with stakes worth $6.21 billion. This is compared to 110 hedge funds in the fourth quarter of 2021 with stakes of $9.93 billion.

Ken Fisher’s Fisher Asset Management is the top shareholder in Paypal Holdings, Inc. (NASDAQ:PYPL) as of the first quarter of 2022. The hedge fund raised its Q4 2021 stakes in the company by 16%, bringing them to $1.94 billion, which covers 1.14% of Fisher Asset Management’s 13F portfolio.

Aristotle Capital Management named several companies, one of which was Paypal Holdings, Inc. (NASDAQ:PYPL), in its “Aristotle Core Equity” first-quarter 2022 investor letter. Here is what the firm said:

“We sold our position in PayPal due to the uncertain twelve-month horizon the company faces due to market headwinds from inflation and supply chain issues impacting e-commerce. On a more fundamental level, we sold due to the seismic shift in strategy and our disappointment with management credibility. The company reported weak 2022 guidance, and a strategic shift announced on the fourth quarter 2021 earnings call. The global payments space is undergoing a massive transition due to new technology introduced by both private and new Initial Public Offerings prospects, and we believe that the significant amount of private capital underwriting the new technology will continue to pressure incumbent players, even those as large and seemingly in the sweet spot of e-commerce payments, as PayPal currently is.”

You can also take a look 10 Best Cryptocurrencies Redditors are Buying and 15 Most Valuable Blockchain Companies in the World.

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