5 Most Promising QQQ Stocks According to Hedge Funds

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

Number of Hedge Fund Holders: 194

Wall Street is positive on Meta Platforms, Inc. (NASDAQ:META). On February 21, BofA reiterated its $220 price target and a Buy rating on Meta Platforms, Inc. (NASDAQ:META).

Meta Platforms, Inc. (NASDAQ:META) was held by 194 hedge funds at the end of Q4 2022. The total stakes of these hedge funds amounted to $15.5 billion, up from $14.15 billion in the previous quarter with 177 positions. The hedge fund sentiment for the stock is positive and Meta Platforms, Inc. (NASDAQ:META) is one of the most promising QQQ stocks according to hedge funds.

As of December 31, Eagle Capital Management is the top investor in Meta Platforms, Inc. (NASDAQ:META) and has a position worth $1 billion in the company.

Here is what Vulcan Value Partners  had to say about Meta Platforms, Inc. (NASDAQ:META) in its fourth-quarter 2022 investor letter:

“During the quarter we sold Meta Platforms, Inc. (NASDAQ:META) after owning the business for over four years. The fundamentals of our investment case were based on the tremendous number of users that spent time on its various properties and the advertising dollars that flowed to the company as a result. We believed its competitive advantage was that the platform was, more or less, a monopoly on people’s time and attention. The rise of TikTok and other emerging platforms has given us pause on the company’s ability to maximize that advantage. From our perspective, the idea of “one platform to rule them all” may now be a thing of the past as social offerings have become more fragmented.

In addition, though our research has indicated that much of the initial damage done from Apple’s iOS 14.5 privacy changes has been repaired, we remain concerned with Apple’s influence over the digital advertising ecosystem. Apple is one of the largest gatekeepers to Meta’s mobile services, and it has become more difficult for us to gauge the pace of change emerging from Apple relating to privacy, as well as evaluating Apple’s ambitions in advertising…” (Click here to read the full text)