5 Stocks That Will Double In 2023

1. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 72

Block, Inc. (NYSE:SQ) is a global leader in providing financial technology solutions. The company’s products and services enable businesses and consumers to make and receive payments, store and spend money, and access credit. The company’s products and services are used by some of the world’s largest businesses. Block, Inc. (NYSE:SQ) has a strong competitive advantage in the payments industry. The company’s Square platform is among the most popular point-of-sale systems for small businesses in the United States. Block, Inc. (NYSE:SQ) also has a competitive advantage in the financial services industry as its Cash App is one of the most popular mobile payment apps in the United States. Block, Inc. (NYSE:SQ) is a well-capitalized company with a strong balance sheet. The company has free cash flows of $563 million to fund its growth initiatives and is ranked high among the stocks that will double in 2023.

On November 7, Macquarie analyst Paul Golding upgraded Block, Inc. (NYSE:SQ) to Outperform from Neutral and reiterated his $100 price target on the shares.

At the end of Q2 2022, Block, Inc. (NYSE:SQ) was spotted on 72 investors’ portfolios that disclosed stakes of $3.52 billion in the company. As of September 30, ARK Investment Management is the top investor in Block, Inc. (NYSE:SQ) and has a position worth $505.4 million in the company.

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