In this piece, we will take a look at the five most undervalued blockchain stocks to buy according to hedge funds. If you want to find out why blockchain might become one of the biggest industries in the future, then check out 12 Most Undervalued Blockchain Stocks To Buy According To Hedge Funds.
5. Applied Digital Corporation (NASDAQ:APLD)
Number of Hedge Fund Investors In Q3 2023: 19
Average Analyst Share Price Upside: 183%
Applied Digital Corporation (NASDAQ:APLD) is an American data center company headquartered in Dallas, Texas. The firm has missed analyst EPS estimates in all four of its latest quarters and the stock is rated Buy on average. December is a blockbuster month for the firm as it cut the ribbon on a new 200 megawatt data center facility in Dallas, Texas.
During Q3 2023, 19 out of the 910 hedge funds polled by Insider Monkey were Applied Digital Corporation (NASDAQ:APLD)’s shareholders.
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4. Robinhood Markets, Inc. (NASDAQ:HOOD)
Number of Hedge Fund Investors In Q3 2023: 28
Average Analyst Share Price Upside: 10%
Robinhood Markets, Inc. (NASDAQ:HOOD) is a well known firm that provides retail investors with an easy way to make bets on the stock market. The firm is currently looking to expand its global presence and it is currently trying to enter the U.K. market for the third time.
As of September 2023, 28 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in the firm. Catherine D. Wood’s ARK Investment Management owned the largest Robinhood Markets, Inc. (NASDAQ:HOOD) stake among these which was worth $322 million.
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3. Block, Inc. (NYSE:SQ)
Number of Hedge Fund Investors In Q3 2023: 60
Average Analyst Share Price Upside: 10%
Block, Inc. (NYSE:SQ) is an American financial technology company that was one of the first to bring Bitcoin trading to retail users. The firm has beaten analyst EPS estimates in three out of its four latest quarters and the stock is rated Buy on average.
By the end of this year’s third quarter, 60 out of the 910 hedge funds surveyed by Insider Monkey were Block, Inc. (NYSE:SQ)’s shareholders. Andreas Halvorsen’s Viking Global owned 12.3 million shares that were worth $545 million to enable it to become the biggest investor among these.
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2. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of Hedge Fund Investors In Q3 2023: 60
Average Analyst Share Price Upside: 10%
PayPal Holdings, Inc. (NASDAQ:PYPL) is a financial services and payments platform provider headquartered in San Jose, California. Despite a slowing economy and high inflation, the firm has held up its financial fort and beaten analyst EPS estimates in three out of its four latest quarters.
As 2023’s September quarter ended, 60 out of the 910 hedge funds tracked by Insider Monkey had bought the firm’s shares. PayPal Holdings, Inc. (NASDAQ:PYPL)’s largest hedge fund investor is Gavin Baker’s Atreides Management due to its $244 million investment.
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1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Investors In Q3 2023: 180
Average Analyst Share Price Upside: 38%
Any discussion of blockchain is incomplete without NVIDIA Corporation (NASDAQ:NVDA), a firm whose GPUs are essential for efficient blockchain functioning. Even though the shares are up by 225% year to date, analysts continue to rate the stock as Strong Buy.
During Q3 2023, 180 out of the 910 hedge funds part of Insider Monkey’s database had invested in NVIDIA Corporation (NASDAQ:NVDA). Rajiv Jain’s GQG Partners was the biggest investor among these as it owned $6.1 billion worth of shares.
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Disclosure: None. You can also take a look at 20 Most Valuable Media Companies In The World and Billionaire Louis Bacon’s 10 Stock Picks with Huge Upside Potential.
