5 Most Popular Stocks on Robinhood in 2024

3. Meta Platforms Inc (NASDAQ:META)

Number of Hedge Fund Investors: 242

Citi recently increased its price target for Meta Platforms Inc (NASDAQ:META) to $590 from $525. Citi likes ads innovation, longer reels, a new AI video architecture, and increase in advertisers demand on Meta Platforms Inc (NASDAQ:META).

Palm Valley Capital Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2024 investor letter:

“While we are not experts on the beanstalk tech stocks, we do have considerable experience observing behavior during bubbles. For the current crop of market leaders, we wonder: how good can it get? Google, Meta Platforms, Inc. (NASDAQ:META), and Amazon’s combined advertising revenue exceeded the total value of the U.S. advertising industry by 2020 and now accounts for nearly 50% of the entire $900 billion global ad market (GroupM estimate). Meta’s top advertiser last year was Temu, a retailer of cheap Chinese goods that is losing money on each U.S. order in an effort to take share from Amazon.

Meanwhile, Microsoft’s powerhouse Office division carried a 49% operating margin last year, Meta’s Facebook and Instagram segment had a 47% margin, and Google’s Search earned a 35% operating margin. In other words, purveyors of financial indexes that are primarily constructed by simple, easy-to-replicate formulas sport profit margins that make those of the most dominant technology franchises on Earth seem prosaic. …” (Click here to read the full text)