5 Best Streaming and TV Stocks To Buy Now

2. Google TV by Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Funds In Q2 2023: 204

Alphabet Inc. (NASDAQ:GOOGL) is a massive and highly successful tech company known for Google, which is its primary business. Google’s search engine is the most popular one globally. Besides that, they offer various services like email, online storage, maps, ads, and hardware products. Google TV is a platform for watching TV shows and movies on smart TVs and streaming devices.

In April 2023, Google announced a strategic move to enhance its Google TV software by introducing over 800 free channels. This expansion is being integrated into the Chromecast streaming device and select television models manufactured by Sony, CL, Hisense, and Philips. The initiative involves aggregating numerous existing free TV services, including Fox’s Tubi, Paramount Global’s Pluto TV, and Haystack News, within the Google TV platform. This move serves to distinguish Google’s streaming interface from competitors such as Roku, Apple, and Amazon, and may entice individuals who prefer not to subscribe to paid streaming services. This service rollout is initially focused on the U.S. market.

On August 31, 2023, Bank of America (BofA) increased its target price for Alphabet Inc. (NASDAQ:GOOGL) stock from $142 to $146 and recommended buying the shares. According to data from Insider Monkey, as of the end of the second quarter of 2023, 204 hedge funds had invested in Alphabet Inc. (NASDAQ:GOOGL). This shows that many big investors believe in Alphabet’s future success in the tech world.