5 Best High Beta Stocks to Buy Now

3. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 66

Beta Value: 2.34

Formerly known as Square, Inc., San Francisco, California-based Block, Inc. (NYSE:SQ) is a global technology company with a focus on financial services. It comprises of Square, Cash App, TIDAL, and TBD, technology solutions that facilitate financial services for individuals and businesses of all sizes.

The only pure technology company on our list of 12 best high beta stocks to buy now, Block, Inc. (NYSE:SQ) shares have taken a battering this year with prices down nearly 36% since the beginning of the year, as of October 31. The tech company offers more than 81% upside potential from the current price levels based on the average analyst price target of $73.01.

After a “mixed” quarterly performance report released on November 2, Needham lowered the price target on Block, Inc. (NYSE:SQ) shares to $77 from $82, while maintaining a ‘Buy’ rating for the shares.

As of Q2 2023, Block, Inc. (NYSE:SQ) was among the favorites of hedge funds, with 66 of the 910 hedge funds tracked by Insider Monkey holding its shares valued at a whopping $3.8 billion. Cathie Wood’s ARK Investment Management was its biggest shareholder with ownership of 10.7 million shares valued at $714 million.