5 Best Get Rich Quick Stocks To Buy

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

Number of Hedge Fund Holders: 126

PayPal Holdings, Inc. (NASDAQ:PYPL) is a Palo Alto, California-based financial technology company that operates as an online payment system. The company has an edge in the fintech industry due to its high brand equity and is expected to be a key beneficiary of the rising trend of the gig economy.

Moshe Katri at Wedbush surveyed the payment platforms using the Black Friday and Cyber Monday period and found out that PayPal Holdings, Inc. (NASDAQ:PYPL) dominated as the payment gateway. The survey revealed that 34.9% of online payment was done by either PayPal or Venmo. Furthermore, the Buy Now Pay Later (BNPL) mechanism is also gaining traction as its share increased from 5.6% in 2021 to 7.9% in 2022. PayPal Holdings, Inc. (NASDAQ:PYPL) has been given a target price of $109 along with an Outperform rating by James Fotheringham at BMO Capital on November 7. The analyst highlighted the Q3 2022 earnings beat due to lower costs and an increase in margin.

Wedgewood Partners shared its outlook on PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q3 2022 investor letter. Here’s what the firm said:

“PayPal Holdings, Inc. (NASDAQ:PYPL) contributed positively to performance as the Company reported accelerating revenue growth and more concrete measures to drive long-term profitability. Revenue growth accelerated throughout the quarter as the Company is taking share in e-commerce while lapping the headwinds of the eBay rolling off. While eBay’s revenues represented higher-margin revenues, the Company should be able to drive better transaction margins as total payment volume growth reaccelerates. Part and parcel of this growth comes from PayPal’s investments to drive higher penetration into its 429 million active accounts. PayPal’s active accounts have grown by +50% since the onset of the pandemic so it makes sense for management to focus on driving higher transactions per account, thus better to monetize this historical windfall of users. The Company also authorized a $15 billion share repurchase program, which represents over 10% of shares outstanding. This is a good use of capital relative to the Company’s historically depressed multiples.”

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