5 Best High Volume Stocks To Buy Today

2. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 177

Meta Platforms, Inc. (NASDAQ:META) shares were devastated in 2022 amid major headwinds in the advertising market and the rise of competitors like Tik Tok. However, it seems Meta Platforms, Inc. (NASDAQ:META) has finally started to turn things around. It recently posted an upbeat quarter which shows growth is returning for the Facebook platform. Meta Platforms, Inc. (NASDAQ:META) is also one of the most favorite stock picks of elite hedge funds. Of the 920 hedge funds tracked by Insider Monkey, 177 funds had stakes in Meta Platforms, Inc. (NASDAQ:META). The biggest stakeholder of Meta Platforms, Inc. (NASDAQ:META) at the end of the September 2022 quarter was Ken Fisher’s hedge fund which had a $1.6 billion stake in the company.

Giverny Capital made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q4 2022 investor letter:

“Even if sector weightings explain most of our underperformance, I made some dubious decisions during the year. Most notably, I added to our holding in Meta Platforms, Inc. (NASDAQ:META), which declined 64% for the year. Meta began the year as a 4.3% weighting and ended as a 2.5% weighting, despite our incremental purchases.

I got plenty wrong about Meta, including the magnitude of the impact that Apple’s changes to privacy tracking would have on Meta’s value to advertisers. Meta’s two giant social media platforms, Facebook and Instagram, arguably may be weaker businesses than they were a year ago, thanks to Apple and the rising popularity of TikTok. Nevertheless, Meta remains an enormously profitable enterprise, with firehose levels of cash flow. It may be squandering some of that cash flow trying to develop the metaverse, but expense control problems are easier to address than a lack of cash flow. Belatedly, CEO Mark Zuckerberg seems to have recognized the need to match expense growth a little more closely to revenue growth. I never want to see anyone lose their job, but Meta hired many thousands of people to support growth that may not materialize. When Meta announced layoffs late in 2022, the stock began to recover.

To repeat what I wrote to you last quarter, aside from Meta, I don’t see any of our bottom five performers losing market share or competitive position.”