Published on 11 Oct 2021 on Insider Monkey via Yahoo Finance
Hedge Funds Prefer These 10 Stocks Over Square (SQ)
In this article, we discuss the 10 stocks that hedge funds prefer over Square. If you want to skip our detailed analysis of these stocks, go directly to Hedge Funds Prefer These 5 Stocks Over Square.
Square, Inc. (NYSE:SQ), the California-based payments firm, recently announced that it had signed a deal with social media platform TikTok for integration of the services of the former with the video-sharing services of the latter to help businesses expand their online presence and reach new customers. The partnership underscores the rising clout of both firms. TikTok has a user base of over a billion, directly rivaling giants like Facebook that presently has over 3 billion users but reached the 1 billion milestone almost a decade ago.
Similarly, Square, Inc. (NYSE:SQ) has established itself as a rising star in the payments universe. The user base of Cash App of the company has already reached close to 40 million and is growing at a brisk pace. The application handles close to $100 billion in transaction volume. The company is heavily invested in emerging technologies, with reports indicating that it has invested over $400 million in crypto assets. This has proved to be a double-edged sword for the firm, with the share of the firm falling in tandem with a pullback in crypto prices this year. Perhaps paying heed to this, Amrita Ahuja, the CEO of the company, disclosed in May that the firm had no plans to increase reserves of Bitcoin, the most popular cryptocurrency.