5 Best Digital Money Stocks to Invest In

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

Number of Hedge Fund Holders: 143

PayPal Holdings, Inc. (NASDAQ: PYPL) is a technology platform and digital payments company that works to enable digital and mobile payments for consumers and merchants across the world. The company’s payment solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, Hyperwallet, and iZettle. It ranks 2nd on our list of the best digital money stocks to invest in.

On June 30th, PayPal Holdings, Inc. (NASDAQ: PYPL) launched its new digital solution for smaller businesses in the US, by the name of PayPal Zettle. The same month, the stock received a Buy rating from D.A. Davidson alongside a $325 price target, and Credit Suisse also kept its Outperform rating on the stock with a $315 price target.

The company also invested about $300 million alongside Visa Inc. (NYSE: VISA) in Blockchain Capital, in a bid to make digital currencies accessible to all. Bank of America also has a Buy rating on PayPal Holdings, Inc. (NASDAQ: PYPL) with a $323 price target, and commented that the recent pricing changes announced by the company that raised the prices of PayPal transactions by 3.49% are another reason to be bullish on the stock.

In the first quarter of 2021, PayPal Holdings, Inc. (NASDAQ: PYPL) had an EPS of $1.22, beating estimates by $0.20. The company’s revenue was $6.03 billion, up 30.64% year over year and beating estimates by $128.36 million, and it has a gross profit margin of 48.4%. The stock has gained 25.83% in the past 6 months and 27.52% year to date.

As of the end of the first quarter of 2021, 143 hedge funds out of the 866 tracked by Insider Monkey held stakes in PayPal Holdings, Inc. (NASDAQ: PYPL) worth roughly $14.71 billion. This is compared to 147 hedge funds in the previous quarter, with a total stake value of about $15.96 billion.