Hey there, fellow investors! If you’re looking to jump into the world of stock trading using Cash App, you’ve come to the right place. In this article, I’ll walk you through everything you need to know about Cash App stocks, including the top 10 best Cash App stocks to buy right now in 2023. So, let’s dive right in!
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Brief Introduction to Cash App
Are you searching for enhanced convenience, simplified financing for projects or travel plans, and swift, paperless money transfers? If so, an online money transfer app is your solution.
One standout option in this arena is Cash App, which was established in 2013 as a subsidiary of the Square Inc. payment system. Cash App seamlessly connects your bank account, enabling you to transfer funds to friends, family, or other users. As the shift to online platforms gains momentum, Cash App has emerged as a significant player in the market.
It allows users to send and receive money, invest in stocks, and even purchase Bitcoin. The ability to purchase stocks directly through the app was a recent addition in 2019.
Therefore, if you’re a trader considering entering the stock market, Cash App should be your top choice.
10 Best Stocks to Invest in on Cash App
Let’s cut to the chase and take a look at the top 10 best Cash App stocks for 2023. Here’s a handy table summarizing each stock:
|Stock||Ticker Name||Current Stock Price|
|Meta Platforms Inc.||META||$298.67|
Now, let’s take a closer look at each of these best stocks to buy on Cash App today and why they might be worth your investment.
1. Apple Inc. (AAPL)
Apple is the largest publicly traded company in the world, and its stock has been pretty reliable and consistent in the past. Apple’s stock has risen 306%, over the past 5 years, according to The Motley Fool.
According to Forbes, experts expect this trend to continue and believe Apple will perform well over the next few years due in part to its strong name recognition and broad range of products.
2. Amazon.com Inc. (AMZN)
Amazon, the e-commerce juggernaut, has its hands in various sectors, from retail to cloud computing, ensuring stability and growth potential. Many analysts believe that retail giant Amazon is worth investing in this year.
The company’s stock has gained nearly 50% in the first half of 2023. Amazon executives have credited some of the company’s growth to advances in AI technology.
3. Alphabet Inc. (GOOGL)
Alphabet is structured as a holding company with several subsidiary companies under its umbrella. The parent company of Google, Alphabet, continues to dominate the digital advertising space and invests in cutting-edge technologies.
Google is the most prominent subsidiary, and it encompasses the core search and advertising businesses, including products like Google Search, YouTube, Google Maps, and Google Ads. Alphabet Inc. is known for its strong financial performance, with a significant portion of its revenue generated from advertising through Google. The company’s financial results, including quarterly and annual earnings reports, can impact its stock price and investor sentiment.
Alphabet Inc. is one of the largest publicly traded companies in the world by market capitalization, often ranking among the top technology companies alongside Apple, Amazon, and Microsoft.
Investing in Alphabet stocks allows individuals and institutions to gain exposure to the performance of Google’s core business and the potential growth of its various subsidiary companies.
4. Square, Inc. (SQ)
Square Inc. offers an array of solutions to assist merchants in implementing marketing strategies, executing sales transactions, and efficiently handling inventory and financial matters.
Numerous factors distinguish its stock, which is currently priced at $57.65, from other fintech companies. Notably, Square Inc. operates as a comprehensive payment network, serving as a one-stop-shop for diverse financial needs.
This distinction is supported by the consensus among 22 Wall Street analysts, who strongly recommend Square Inc.’s stock, considering it an excellent addition to the list of top stocks for investment through Cash App.
5. Uber Technologies. (UBER)
Uber Technologies Inc. operates as a ride-hailing service, providing its offerings via technology platforms such as mobile apps and websites. In 2018, it expanded its services to include Uber Cash, effectively establishing itself as a digital wallet service provider.
The primary aim was to offer users a separate payment option, simplifying fund management and providing insights into their spending history. Additionally, Uber introduced the Uber Money app, enabling users to pre-pay for forthcoming rides and orders.
Valued at $43.50 as of 26th August 2023, Uber Technologies Inc. has garnered attention from 39 analysts. Their collective projections place the median target price for this stock at $47, with a high estimate of $75 and a low estimate of $15. The company’s remarkable growth trajectory positions it as one of the prime stock options for investment on Cash App. With a user base exceeding 75 million and operations spanning across 78+ countries, Uber remains an unstoppable force in the ride-hailing industry.
6. Meta Platforms, Inc. (META)
Used to be known as Facebook Inc., this social media giant is exploring the metaverse, creating exciting opportunities for investors.
Meta’s advertising division had been a consistent source of substantial profits for the company, but this changed in 2022 when they reported a 1% drop in revenue and a 25% decrease in operating profit.
This unexpected downturn alarmed investors, causing Meta’s stock to plummet to a five-year low of $88. In response, Meta took decisive actions, including significant layoffs and a renewed focus on its core advertising business. Thankfully, there are early indications that the worst may be behind them.
For instance, in the first quarter of 2023, revenue rebounded with a 4% growth, a significant improvement from the negative 4% in the fourth quarter of 2022. This positive trend continued into the second quarter of 2023, with Meta experiencing a 12% increase in advertising revenue and an 18% rise in operating profit. Additionally, engagement levels improved, as both family daily active people (DAP) and Facebook daily active users (DAU) saw respective growths of 7% and 5%.
Meta’s strong turnaround suggests that the company may be on the path to recovery and growth. They have opportunities to enhance the monetization of services like WhatsApp, Reels, and Messenger, and they can also increase their average revenue per user (ARPU) in regions outside of their core markets, particularly in the Asia-Pacific region, where ARPU is currently less than 10% of the U.S. market.
7. Nvidia Corp. (NVDA)
With the recent surge in artificial intelligence (AI) popularity, NVIDIA Inc. stands to benefit significantly. This semiconductor company specializes in custom-made AI chips, which power innovations like ChatGPT.
In 2023, Benzinga reports that NVIDIA’s share price tripled, pushing its valuation beyond the $1 trillion mark. While competition from other chip manufacturers like Advanced Micro Devices is a factor to consider, NVIDIA’s stock remains an appealing option for Cash App investors.
8. Fiserv, Inc. (FISV)
Fiserv, Inc. stands as a prominent global figure in the realm of payments and financial technology.
This company plays a pivotal role in assisting its clients in achieving precise and exceptional outcomes across various domains, including card issuer processing, digital banking solutions, account processing, and network services.
Moreover, Fiserv extends its expertise to support private banks in expanding their digital presence, fostering value creation, engaging prospective clients, and embracing an agile future.
Considering your investment objectives, you may contemplate including Fiserv, Inc. in your roster of top stock choices for investment through Cash App. Depending on your appetite for speculative risk, you could consider holding it as a long-term investment option. As of now, Fiserv, Inc. is trading at a market price of $122.01.
9. Shopify (SHOP)
Shopify’s sales in 2023 are poised to surge by 10.4%, presenting a promising opportunity for investors. To capitalize on this growth, Shopify emerges as a compelling investment choice. As a leading e-commerce platform, Shopify plays a pivotal role in assisting businesses in establishing and managing their online stores, with its solutions adopted by retailers in over 175 countries worldwide.
Notably, in the United States, a significant 29% of all e-commerce sites are constructed using Shopify, indicating its substantial market presence. With reports of an ambitious growth strategy, Shopify appears poised to expand its influence even further in 2023 and beyond. Consequently, it stands as a strong candidate for consideration as one of the best stocks to invest in through Cash App.
10. Adobe Inc. (ADBE)
Adobe stock is presently viewed favorably by analysts. The company, known for its renowned design software like Photoshop and Illustrator, is diversifying into AI, particularly with its well-received image generation tool, Firefly.
Over the last five years, Adobe has consistently increased its revenue and net income. Given its strategic investments in growth areas like AI technology, Adobe warrants the attention of potential investors.
What Is Cash App?
Cash App is a financial app that simplifies money management. With Cash App, you can send money to friends, pay bills, and invest in stocks and Bitcoin. It’s like having a bank and a stockbroker in your pocket.
Cash App Investing Features
Cash App offers a range of features for investors, including fractional shares, recurring investments, and a user-friendly interface that’s perfect for beginners.
Here are some interesting features to look into:
- Easily enter the stock market, whether you’re a beginner or an experienced investor, with minimal fuss
- Enjoy discounts through Cash App pay and Cash Card
- A seamless avenue to purchase, sell, send, and receive Bitcoin, the dominant cryptocurrency
- Additionally, the platform enables the transfer of investments between investors and alternative broker-dearlers with minimal effort and set up automatic investments effortlessly
Is It Good to Buy Stocks Through Cash App?
Absolutely! Buying stocks through Cash App is convenient and straightforward, but like any platform, it has its pros and cons.
Here are some benefits of using Cash App:
- Fractional shares available
- No account minimums
- Sending and receiving money through this app comes at no cost.
- A sleek and straightforward design, making it easy to navigate.
- Small-scale investors will appreciate the availability of fractional shares, making investing accessible to all.
- While most transactions on the platform are fee-free, it’s worth noting that Bitcoin transactions may incur a minor fee.
- Cash App’s unique feature allows users to round up their expenses when using the Cash App debit card, contributing to their investment fund.
- Cash App provides the flexibility to transfer Bitcoin to and from external wallets.
The app has limitations:
- It offers a limited range of asset choices, account types, and order options.
- It does not support mutual funds or individual bond investments.
- The app lacks support for Options, Futures, or Margin Investing.
- There is no dedicated trading platform.
- It permits investors to trade or invest exclusively in Bitcoin, with no options for other cryptocurrencies.
Cash App Fees and Expenses
When it comes to buying or selling stocks or ETFs through Cash App, you can do so without incurring any charges. However, it’s important to note that the app does impose fees for Bitcoin transactions. These Bitcoin-related fees consist of a service fee and other charges that can fluctuate depending on the price volatility observed across US exchanges.
Should investors encounter any supplementary fees, these are typically imposed by regulatory bodies and government entities. For most ETFs, management fees are paid directly to the fund company, irrespective of where the funds are acquired.
What sets Cash App apart from many other investment brokers is its ability to provide numerous services to users without any associated costs.
How to Trade Stocks on Cash App?
Getting started with Cash App is a breeze. Let me walk you through the steps:
Step 1: Download the Cash App on your device and create your account to sign up
Step 2: Tap the “Investing” tab.
Step 3: Click on the search bar, enter the company’s name, and then tap the ticker symbol to add the stock to your watchlist.
Step 4: Next, pick the specific company or stock in which you intend to invest.
Step 5: Opt for a predetermined sum or input a personalized amount, and then proceed by clicking “Next.”
Step 6: Adhere to the provided instructions for verifying your personal information.
Step 7: Finalize the transaction by inputting your PIN, OTP, or using your touch ID for authentication.
How to Sell Stocks on Cash App?
Selling stocks on Cash App is just as easy as buying them:
Step 1: After launching the Cash App, click on the Investing icon located on the app’s home screen.
Step 2: Navigate to “My Portfolio.”
Step 3: Handpick the stock you wish to sell.
Step 4: Opt for the “Sell” option.
Step 5: Enter your desired amount using the three dots icon
Similar to the purchasing process, you have two options for selling the stock. You can either choose a preset amount or enter your desired amount using the three dots icon. Then, proceed by clicking “Next.”
Step 6: Conclude the transaction by inputting your PIN or utilizing Touch ID for authentication.
Upon successfully selling your stock, it may take up to 2 business days for the funds to appear in your Cash App account.
So, which are the best Cash App stocks to buy for 2023? While I’ve provided a list of top contenders, the best choice for you depends on your investment goals and risk tolerance. It’s essential to do your research and consider your financial objectives before diving into the best stocks on Cash App.
Personally, I’m keeping a close eye on Amazon and Nvidia due to their consistent growth and innovative endeavors. However, remember that the stock market can be unpredictable, and it’s essential to diversify your portfolio for a well-rounded investment strategy.