5 Best Growth Stocks to Buy According to Mark Moore’s ThornTree Capital

1. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 248

Even though Meta Platforms, Inc. (NASDAQ:FB), formerly known as Facebook, experienced a decline in the number of hedge funds having stakes in the company in Q3, Morgan Stanley remains bullish on the stock, owing to the company’s strong advertisement business. Recently, the firm lifted its price target on Meta Platforms, Inc. (NASDAQ:FB) to $365, representing an 8% upside, while keeping an Overweight rating on the shares.

Mark Moore’s ThornTree Capital started building its position in Meta Platforms, Inc. (NASDAQ:FB) sometime during Q2 of 2018.

Of the 867 hedge funds tracked by Insider Monkey, 248 hedge funds held positions in Meta Platforms, Inc. (NASDAQ:FB) in Q3, down from 266 in the previous quarter. These stakes hold a consolidated value of $38.5 billion.

In its recently-published Q3 investor letter, Jefferies Group mentioned Meta Platforms, Inc. (NASDAQ:FB). Here is what the firm has to say:

“While still early, FB is in the process of building the platforms that will ultimately support the development the Metaverse. We look at FB’s position through the lens of 4 current investment initiatives: 1) Oculus VR hardware, 2) Smart glasses, 3) Augmented Reality lenses, and 4) “Horizon Workrooms”

Oculus Virtual Reality hardware: Since acquiring Oculus in 2014 ($2B deal), FB has been focused on developing best-in-class hardware and complementary software & services to support VR experiences. The Oculus Quest 2 is FB’s newest VR headset; it retails at $299 and allows users to play games, try fitness classes, play sports, and watch concerts in virtual environments. Most importantly, Quest 2 is linked to users’ Facebook accounts, which means users can seamlessly connect with friends in virtual environments to play games or spend time together. We believe one of FB’s biggest differentiators in VR is its large array of non-gaming experiences that were designed for Oculus. For instance, users can explore extreme terrain in National Geographic Explore VR, join virtual fitness classes, or simulate being a chef. As FB’s hardware continues to improve and becomes less cumbersome, we would expect a flywheel of greater developer and user adoption of VR…” (Click here to see the full text)

You can also take a look at 10 Small-Cap Stocks With Huge Growth Potential and 10 Best Growth Stocks for the Next 10 Years

Follow Insider Monkey on Twitter