My Top Fintech Stock to Buy in 2023
The stock market had a weak year in 2022. The S&P 500 was down by about 20% with just over a week to go. Growth stocks were generally hit the hardest thanks to rising interest rates, recession fears, and a general loss of appetite for speculation among investors. Fintech leader Block (NYSE: SQ) -- formerly known as Square -- was one of the worst large-cap performers, with shares declining by nearly 65%.
Despite its terrible performance, there is still quite a lot to like about Block. Its business continues to grow; it has plenty of future potential; and now the stock is trading for a much more attractive valuation. I've been a shareholder since shortly after Block's initial public offering (IPO), but here's why I plan to add aggressively to my position in 2023 if the stock stays anywhere near its current level.
You might not think so based on its stock performance, but Block's business has been performing quite well. Excluding Bitcoin (CRYPTO: BTC) transactions (which don't generate much actual income for the company), Block's revenue grew by 36% year over year in the third quarter.
Source Fool.com
